David Cameron pledges 'triple lock' on state pension

Prime Minister David Cameron has pledged a "triple lock" on the basic state pension to keep it in line with wages.

Cameron's pension promise 'just talk' say Labour

Labour have said the Government is still "failing to act to help savers and reform the pensions market" despite David Cameron's promise to prevent pensions being hit by austerity measures.

Shadow Pensions Minister Gregg McClymont said the Prime Minister's announcement was "just talk", adding:

(This Government has) repeatedly voted down Labour's proposals made to help savers, when they were proposed as amendments as part of the Pensions Bill last year, including; full transparency on all pension costs and charges, more effective competition in the annuities market to tackle 'rip off' pensions and new rules to ensure pension providers have independent trustees with a legal duty to prioritise the interests of savers.

Cameron says state pension is exempt from welfare cap

David Cameron has insisted that pensions would not be hit by continued austerity measures.

"A Conservative government will offer pensioners a more secure future by pledging today that we will carry on using the triple lock after the next election to protect the basic state pension," he said.

David Cameron pledged to continue guaranteed rises in the basic state pension. Credit: Rui Vieira/PA Wire

"We can only afford to do this because we are taking difficult decisions to cut the deficit and get spending under control as part of our long-term economic plan."I want to do everything we can to help people who have worked hard and done the right thing."

The basic state pension will be around £440 a year higher from April than if it had been uprated in line with average earnings since 2011-12, Downing Street said.

Mr Cameron has already indicated that the state pension would be the only spending exempt from a new cap on overall welfare spending.

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Cameron promises at least 2.5% annual rise in pension

David Cameron pledged to continue guaranteed rises in the basic state pension by retaining the "triple lock" system if the Conservatives win the 2015 general election.

David Cameron pledged a "triple lock" on the state pension. Credit: Dominic Lipinski/PA Wire/Press Association Images

The Prime Minister sought to reassure older voters that their payouts would continue to rise in line with the higher of inflation, wages or 2.5% at least until 2020.

OAPs face a post-election squeeze on benefits such as winter fuel payments, bus passes, TV licences and prescriptions as politicians seek to square continued spending restraint with an ageing population.

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