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Rishi Sunak was warned millions of votes are at stake if he \u201cbetrays\u201d older voters over the triple lock.<\/p>\n
The Prime Minister insists he will keep the guarantee in place until the next election but is refusing to commit to making it a manifesto promise.<\/p>\n
Figures out tomorrow (Tuesday) are tipped to increase the state pension by as much as eight per cent next year.<\/p>\n
But campaigners warned that keeping the triple lock is \u201cessential\u201d because it does more than anything else to protect older people on low incomes from financial hardship.<\/p>\n
The Prime Minister refused to commit to keeping the pledge to more than 12 million retirees when his party heads to the polls next year.<\/p>\n
READ MORE <\/strong> State pension spending ‘will increase by \u00a311bn a year due to triple lock pledge’<\/strong><\/p>\n He said: \u201cWe\u2019re not going to speculate on the election manifesto now. I\u2019ve got plenty to get on with between now and then.<\/p>\n \u201cBut the triple lock is the government\u2019s policy and has been for a long time. I\u2019m not going to get into our manifesto now but the triple lock has been a long-standing policy for us.\u201d<\/p>\n Under the triple lock, the state pension rises each year in line with the highest out of 2.5 percent, wage rises or inflation.<\/p>\n Labour leader Sir Keir Starmer has indicated his party would maintain the guarantee if they get into power but is refusing to give a cast-iron pledge it will be in his manifesto.<\/p>\n Party insiders said the opposition can only include it if the Tories also commit, otherwise it becomes a fresh spending pledge.<\/p>\n Labour peer Lord Foulkes, Co-Chair of the All-Party Parliamentary Group for Older People, said: \u201cThis confirms our worst fears. In spite of many promises to keep the triple lock, our concerns about how firm they were are proving valid.<\/p>\n \u201cThere has been a concerted campaign to challenge the triple lock from the Tory right and, sadly, some on the left too. It would be a complete betrayal if it was not kept to by both main parties in their manifestos.<\/p>\n \u201cBritish pensioners who rely on the state pension are among the poorest in Europe and urgently need the increase the ratchet effect of the triple lock gives. Those who have other income in retirement can have it clawed back by the tax system.<\/p>\n \u201cOlder people\u2019s organisations should take this as a red alert to maintain and intensify our campaign to keep the triple lock.\u201d<\/p>\n Dennis Reed, Silver Voices director, said: \u201cLabour and the Conservatives seem to be playing an elaborate game of \u201cshow me yours, and I\u2019ll show you mine\u201d over their manifestos.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n Don’t miss… <\/strong> If one includes the triple lock, the other will do the same. How insulting this is to millions of older people who want to see a principled commitment from all political parties to ensuring a dignified retirement for all, with the safety net of the triple lock in place for the whole of the next Parliament.<\/p>\n \u201c12.5 million older votes are at stake, so politicians need to get this call right.\u201d<\/p>\n Retirees will find out tomorrow (Tuesday) how much the state pension will be from next April when the latest average earnings figures are released.<\/p>\n Since its introduction in 2011, the triple lock has ensured that the payments have risen consistently.<\/p>\n But in a report last week the Institute for Fiscal Studies warned that if it is kept in place it could add as much as \u00a345 billion a year to the welfare bill by 2050.<\/p>\n The think tank said this would put \u201cinsurmountable pressure\u201d on the Government to increase the minimum retirement age.<\/p>\n The full basic state pension for men born after April 1951 and women born after April 1953 is \u00a3203.85 per week.<\/p>\n Work and Pensions Secretary Mel Stride in June said he believed the triple lock would \u201calmost certainly\u201d be in the next Tory manifesto.<\/p>\n He argued there was a \u201cparticular duty\u201d to pensioners who cannot top up their income by working more or getting a pay rise. The current retirement age is 66 and will increase to 67 in 2028. The next scheduled rise to 68 is due in 2046, but there has been speculation this could be brought forward by more than a decade.<\/p>\n The Conservative Party\u2019s 2019 manifesto stated: \u201cWe will keep the triple lock, the winter fuel payment, the older person\u2019s bus pass and other pensioner benefits, ensuring that older people have the security and dignity they deserve.\u201d<\/p>\n Caroline Abrahams, charity director at Age UK, said: \u201cKeeping the triple lock is essential because it’s the Government policy that arguably does more than anything else to protect older people on low incomes from financial hardship at a time of inflation, particularly those who rely on the state pension as their main source of income.<\/p>\n \u201cWithout the triple lock this year the state pension would have suffered a devastating real terms cut, leaving millions of older people unable to afford even the basics.<\/p>\n \u201cIt was a great relief to see the rate of inflation fall slightly last month but the cost-of-living crisis hasn’t gone away and prices for everyday items are substantially higher than they were a year or two ago, stretching many fixed incomes to their absolute limit.\u201d<\/p>\n Jan Shortt (CORR), General Secretary of the National Pensioners Convention, said: \u201cThe triple lock has been guaranteed by the Prime Minister for 2024, but we shall see this week if that guarantee holds firm. We are concerned that the government may see fit to tinker with it again as they did in 2021 which left pensioners with 3.1 percent in April 2022 – trailing behind inflation that rose to new heights in that year. Energy is still double the rate paid two years ago.\u201d<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/4952761.jpg?r=1694368730329\")
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Triple lock pension under threat – again – unless retirement age is raised[LATEST] <\/strong>
Pensioners missing out on \u00a35,000 payment increase[DISCOVER] <\/strong>
Date set for Autumn Statement as Jeremy Hunt to announce tax and benefit changes[INSIGHT] <\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/4952770.jpg?r=1694368730379\")
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Ministers have said they will decide after the next General Election when to raise the state pension age to 68.<\/p>\n