A retirement expert warns the next government will need to do a full review of the State Pension to ensure its sustainability.
If re-elected, the Conservatives have pledged to introduce a ‘Triple Lock Plus’ guarantee that the party said would prevent ‘millions’ of State Pension ers from paying tax in retirement. Their plan would ensure that the tax-free Personal Allowance rises each year in line with the State Pension uprating.
Retirement experts predict a further 900,000 people will exceed the Personal Allowance threshold of £12,570 over the current financial year, with another 2m expected before the freeze ends in 2028. By contrast, over a quarter of the over-55s said they would be more likely to vote for a party who said they would not increase the State Pension age.
Ms Morrissey said: “We are deep into General Election campaigning territory now and it’s clear the retiree vote will prove vital. We knew issues such as the Triple Lock would prove decisive. The retirement expert continued: “It’s the unpleasant dilemma at the heart of the State Pension debate that isn’t talked about enough. We know the cost of the State Pension is enormous and is shouldered by a smaller working population.
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