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Sir Keir Starmer has promised to keep the state pension triple lock for at least five years if the Labour Party wins the next General Election.
The Labour leader has declared that “pensioners deserve better” as older households continue to struggle navigating the ongoing cost of living crisis.
Introduced in 2010, the triple lock guarantees that state pension payments will increase by either the rate of inflation, average earnings or 2.5 per cent annually; whichever is highest.
Writing for The Express, Starmer said: “Britain’s pensioners deserve better. They deserve certainty, and for politicians to be straight with them so they can plan their lives pensioners deserve better.
“They deserve certainty – and for politicians to be straight with them so they can plan their lives.
“That’s why I’m guaranteeing the pensions triple lock will be in the Labour manifesto and protected for the duration of the next parliament.”
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Labour is reportedly set to keep the triple lock if it wins the next General Election
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This commitment from the Labour leader comes shortly after Chancellor Jeremy Hunt’s confirmation that the Conservative manifesto will also protect the triple lock.
Last month, Treasury sources reported that Prime Minister Rishi Sunak will keep the payment rise guarantee ahead of Britons heading to the polls.
Both parties are in a fierce battle to win over voters ahead of the yet-to-be announced General Election.
However, recent polling has suggested the British public are becoming increasingly concerned about their retirement despite the safety net of the triple lock.
A survey from the Get Britain Pension Ready campaign found that almost half of all Britons indicated that political instability makes them worried about pensions and retirement savings.
Some 37 per cent of respondents shared that the thought of planning for their pension leaves them feeling fearful. them with fear and dread.
Notably, 52 per cent of those polled by the campaign revealed that they confused by the term triplelock.
Furthermore, 63 per cent of people were unable to correctly identify the three factors considered in the the payment increase promise.
This is despite the fact both Labour and the Conservatives are making a conscious effort to cite the triple lock as being part of their manifestos.
Sarah Lloyd, the commercial Director at Annuity Ready, urged policymakers to consider the concerns of the electorate before introducing any reform or pension changes.
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Sir Keir Starmer has declared that pensioners “deserve better”
PA
She explained: “Pension reform has been in the spotlight over the past few months, which is no surprise given the implications it has for people’s livelihoods.
“It’s worrying that so many people feel confused and fearful of pensions and planning for retirement.
“The changes that are due to be decided by the next election will impact people across the country and the uncertainty surrounding these decisions is only creating greater worry for them.
It is our collective responsibility to make sure the general public understands the terminology and policies being proposed, as these will ultimately impact their income and quality of life in retirement.”
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