Millions of state pensioners warned triple lock 'could be means tested'
Millions of state pensioners have been sent a warning that increases to their payments could be means tested in future. The Conservative leader Kemi Badenoch said she would "look at" means testing the triple lock should the Conservatives return to Government.
The triple lock is a guarantee that the state pension rate increases every year. It ensures payments go up to match either inflation, wage growth or 2.5%. This means a rise of at least 2.5% is guaranteed every year.
But Ms Badenoch suggested she wanted to change the triple lock from how it currently exists. Her comments have sparked alarm with some in the Tory Party amid fears they could alienate older voters. She has also been pressed to explain exactly what she means.
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Emma Reynolds, the former Labour Party Pensions Minister, said last month there were no plans to means test the state pension. Labour has so far remained committed to the triple lock, and pensions will go up by 4.1% this April under its terms, but it's uncertain what will happen in future years.
Ms Badenoch said last week, in comments that raised eyebrows across the political spectrum: "We’re going to look at means testing. This means testing is something we don’t do properly here.” She went on: "The triple lock is a policy which we supported throughout our 14 years in government, that was a Conservative policy, but we need to make sure that we are growing.
“Starting with the triple lock is not how to solve the problem. We need to start with, why are we not making the same kind of money we used to make? We’ve got to give something to the next generation. What are we leaving them with?
“And that’s what we’ve got to sort out. We can’t just make ourselves comfortable now, spending their future.” Labour seized on the remarks and claimed the Conservatives had put pensioners "on notice" that they would be cutting their pensions.