Lib Dems promise to protect state pension with 'triple lock'

Credit: Gareth Fuller/PA

The Liberal Democrat's have vowed to protect state pension's by including a commitment to the 'triple lock' system in their manifesto.

Under the triple lock system a guarantee is made that state pensions will rise in line either with inflation, average earnings, or 2.5%, depending on which is of the three is of the highest value.

Former Lib Dem business secretary Sir Vince Cable said the lock was important because how we treat the elderly is "an important test of a civilised society".

He said: "The guiding principle of the pensions system must be to ensure that none are left unable to meet their basic needs for survival and participation in society, and that everyone is treated with the respect and dignity they deserve."

Mr Cable said how we treat elderly is Credit: NurPhoto/SIPA USA/PA

Despite the promise to protect the lock the Lib Dems could come under fire for their manifesto pledge as it also includes a plan to withdraw the winter fuel payment for wealthier retired people.

An estimated 600,000 pensioners with annual incomes above about £45,000, 5% of those under 80 and 2% over-80s, would lose the allowance as part of an overriding plan to save the Treasury around £105 million.