Tories pledge 'Triple Lock Plus' pension allowance - BBC

May 27, 2024 · The Conservatives have promised to raise the tax-free pension allowance via a "Triple Lock Plus" if they win the general election. Under the plans, the personal allowance for …

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Tories Pledge 'Triple Lock Plus' Pension Allowance - BBC

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May 27, 2024 · The Conservatives claim the plans will cost £2.4bn a year by 2029-30, funded by the previously announced strategy to raise £6bn annually through improving tax collection and …

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Tories Pledge 'triple Lock Plus' Tax Cut For Pensioners In Challenge …

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May 27, 2024 · The policy, labelled the “triple lock plus”, will cost around £2.4bn a year by 2030, the Conservatives said. Labour attacked the policy as being uncosted and accused the Tories …

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FAQs about Tories pledge 'Triple Lock Plus' pension allowance - BBC Coupon?

Will the pension triple lock be a Conservative election manifesto policy?

Under the existing pension triple lock system, the government has promised to raise publicly funded pensions by the level of earnings, inflation or 2.5%, whichever is highest. "I can confirm it will be, yes," Hunt told BBC television when asked if the triple lock would be in the Conservatives' election manifesto policy programme. ...

Why did the Conservatives bring in the triple lock?

The Conservatives first brought in the triple lock when they were in a coalition government with the Liberal Democrats in 2010 to tackle pensioner poverty, saying the annual rise would protect retirees from hikes in living costs, and both Labour and the Lib Dems have promised to keep it in place. ...

How does the triple lock affect pensions?

Under the triple lock, which has been in place since 2011, the basic and new (post-2016) state pensions usually increase annually by whichever is greater out of price inflation, the change in average earnings or 2.5%. Both Labour and the Conservatives have pledged to retain the triple lock if elected. ...

Will Labour keep the triple lock?

It will come alongside a promise to continue to uprate the state pension in line with the triple lock each year. Labour has also committed to keeping the triple lock despite concerns over ballooning costs. The state pension is expected to cost the Government £124bn in 2023-24, according to the budget watchdog. ...

Will a triple lock increase the state pension age?

Selby added that the policy would also be likely to mean that the “state pension age will need to rise faster” to cover the increasing cost of the triple lock. He said this would leave those below state pension age “paying the price again”. ...

Will the triple lock be included in Labour's election manifesto?

Labour said it was "committed to retaining" the triple lock. However, it is yet to confirm if the pledge will feature in its election manifesto. "We will set out those plans for our manifesto in detail," Labour party chair Anneliese Dodds told the BBC programme. The state pension will rise by 8.5% in April. ...