Pensions secretary hints Tories may scrap triple lock in the future

23 Jun 17

The work and pensions secretary has hinted that the Conservatives could end the state pension triple lock in the future.

David Gauke said getting rid of it in the current parliament “had not been ruled out”, speaking at a lunch with journalists in Westminster yesterday.

"Do I think that in 10, 20, 30 years' time, we will still have a triple lock?” he asked. “I cannot see in all honesty how we can."

"But over a period of time, it will mean that a greater and greater share of GDP goes to paying the state pension, even without any increases in pensioner numbers because that's just the way it works.”

Triple lock pensions see recipients get an annual increases of whichever is the highest between rises in average earnings, rises in inflation or 2.5%.

Gauke was asked if the Conservatives would introduce manifesto pledges not in the Queen’s Speech this time in two years’ time, including abolishing the triple lock, he said: “We haven't ruled anything out."

During campaign for the election earlier this month the Conservatives pledged to replace triple lock on pensions with double lock by 2020, meaning that pensions would rise in line with the earnings that pay for them, or in line with inflation – whichever is highest.

Although, the measure was missing from the Queen’s Speech after Theresa May stripped down her legislative agenda after failing to secure a commanding majority in the Commons.

During the election Labour and the Liberal Democrats said they would maintain the triple lock.

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