The Conservatives and Labour Party recently committed to honouring the Triple Lock guarantee on State Pensions until the end of the decade
. The policy was introduced by the Coalition Government in 2010 to ensure that the State Pension rises in line with the greater of the September’s Consumer Price Index inflation rate, earnings growth, or 2.5%.
Gary Smith, Partner in Financial Planning at Evelyn Partners, warns that a “policy showdown is on the horizon” between the Triple Lock and the personal income tax allowance freeze. He continued: “That then presents a conundrum to the Uk Government of the time: create an administrative and political headache by taxing the State Pension, possibly at source - which would be massively unpopular among the more than 13 million people then expected to be of State Pension age - or make the headache go away by raising the personal tax allowance for everyone.”
Earlier this year, the Institute for Fiscal Studies raised concerns that the Triple Lock policy is “unsustainable” in the long term. This was followed by a government-ordered review by Baroness Neville-Rolfe which recommended that spending on State Pensions - currently 4.8% of GDP - should be capped at 6% to ensure “a greater element of fairness in expenditure across generations”.
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