I believe in supporting pensioners by helping them keep more of their own money.
So, to provide pensioners with dignity and financial security, which is why I campaigned to introduce the Triple Lock Plus and protect the Winter Fuel Allowance. The Triple Lock Plus would have comprised of two elements:
- Continuing to uprate the State Pension in line with the Triple Lock: following the £900 increase to State Pension this year next year it will rise by £428. On current forecasts, this will mean the State Pension increases by a further £428 in April next year to over £11,970; and increases by around £1,685 to £13,200 by the end of the Parliament.
- Cutting tax for pensioners from next year by legislating to ensure that the tax-free personal allowance for pensioners also rises by the Triple Lock – guaranteeing that the State Pension is always below the tax-free threshold. From April 2025, we will increase the personal allowance for pensioners by introducing a new age-related personal allowance, which also increases in line with the highest of prices, earnings or 2.5 per cent – the new Triple Lock Plus. This is a tax cut of around £100 for 8 million pensioners next year – rising to £275 a year by the end of the Parliament.
Labour did not match this commitment, and we now know that they have cut Winter Fuel Payments to millions.
Protecting our pensioners is a core Conservative value that those who have worked hard during their lives should have dignity and security in retirement. Labour will hit pensioners with a Retirement Tax by dragging the State Pension into income tax for the first time, raiding pensioners just like the last Labour government.
