Webb calls for triple lock compromise

Ahead of June General Election

Tom Ellis
clock • 2 min read

Steve Webb has called for any new government to compromise on the triple lock, arguing a "middle way" would control costs and focus annual increases on those who need it most.

Setting out a three-point pensions manifesto, Royal London proposed retaining the triple lock for all those on the old ‘basic state pension' - those who retired before April 6 2016 - but reverting to earnings indexation for those on the new state pension.  It said the change would save about £500m a year by 2021/22, rising to almost £3bn by 2027/28. The policy would also help older, poorer pensioners because newly-retired pensioners were, on average, £100 per week better off than retirees over the age of 75, it said. Theresa May has yet to set out the Conservatives' proposals for t...

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