Triple lock plus pension lien: what is Labor’s policy towards pensioners?

The Tories made a general election promise on pensions dubbed the “triple lock plus”, which has led to closer scrutiny of Labour’s policy offer for pensioners.

Labor has repeatedly attacked the Tories over the potential impact of the government’s ambition to scrap National Insurance on pensioners, claiming in a weekend attack that such a move would put people’s pensions at “real risk”.

The Conservatives have now unveiled a so-called ‘triple plus’ lock, which will see pensioners’ personal allowance increase by at least 2.5% or in line with their highest earnings or inflation.

Labor said this morning it would not stick to its promise, with Shadow Business Secretary Jonathan Reynolds telling BBC Breakfast: “I don’t think it’s credible, I don’t think it’s real and I think pensioners will totally see through it.”

Shadow Paymaster General Jonathan Ashworth also attacked the policy in an evening statement, condemning it as “another desperate move by a chaotic Tory party burning down every remnant of the façade of its economic credibility claims”.

But Ashworth reiterated Labor’s pledge to “protect” the law triple shut up. In the final document produced at last year’s National Policy Forum (NPF), the party made a number of other commitments on pensions – although it is yet to be confirmed which parts of the document will become the final manifesto.

READ MORE: Labor warns pensioners of Tory £46bn ‘fiscal black hole’ in new election ad

The party committed in the NPF document to reversing the changes the government made to pension allowances in the March 2023 budget, but also to introducing a targeted program across the UK to tackle doctor retention issues.

It said it would protect retirees from the cost of living crisis and keep older people secure in retirement, pledging to support state pension increases to protect retirees from the cost of living crisis.

The party said it would implement a strategy for aging well, also covering people approaching retirement age who value the voices of older people, in close consultation with interested groups.

It committed to working with industry to ensure occupational pensions provide a safe income after retirement, and said it wanted to see a continued partnership between employers and employees, based on shared responsibilities for paying pension contributions and planning for retirement.

Labor said it would encourage the creation of collective contribution (CDC) pensions and explore other policies that could encourage retirement saving and raise living standards in old age, for example building on the success of last year’s auto-enrolment scheme. Labor government

The party also said in the document that it supports and supports calls for reform of miners’ pensions and that it will continue to show respect for women born in the 1950s, recognizing the difficulties faced by those impacted by changes in their country’s retirement age with insufficient notice.

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