Liberal Democrat pensions ‘triple-lock’ helping the poorest in society

Dear Editor

Liberal Democrat pensions ‘triple-lock’ helping the poorest in society

During the coalition government of 2010-2015 the Liberal Democrats pushed for, and successfully introduced, the pensions ‘triple-lock’. The triple-lock guarantees pensioners an increase in pensions of the higher of 2.5%, average wage rises, or the annual rate of inflation.

The Liberal Democrats introduced this policy because the UK has amongst the worst state pensions in the developed world and inflation had typically acted in such a way as to reduce the value of the pension.

So, it is worth celebrating the fact, that at a time of rampant inflation and increasing costs, pensioners have received a record increase in their pension. This comes despite rather than because of Conservative Party support, who for a time seemed set to scrap the triple-lock.

Is the triple-lock perfect? No. It does of course benefit those who have their own private pensions and perhaps significant savings and assets. But let us not forget it was introduced to help those that most need our support. There is need for reform but it is a reform of the taxation system that is needed so those that already have much are not given more.

The UK state pension is still amongst the worst in the developed world. Those now drawing pensions have contributed mightily to our country, and whilst the pension can by no means be seen to be a ‘cushy number’ it does help many ‘get by’. As a country we should be proud of the triple-lock, but should not see it as the answer. We do need to look again at how we support the oldest, and often poorest and most vulnerable, members of our society.

Your sincerely

 
Mark Wooding

Liberal Democrat Parliamentary Candidate

Central Devon