Conservatives Propose 'Triple Lock Plus' for Pensions
The Conservatives announced their 'Triple Lock Plus' plan to raise tax-free pension allowances if victorious in the general election. Prime Minister Rishi Sunak claims this will save pensioners two hundred and seventy-five pounds by 2030. Labour criticized the move as 'not credible,' while charities report increasing concerns among pensioners regarding taxation.
The Conservatives have announced a new plan called 'Triple Lock Plus,' which aims to raise the tax-free pension allowance if they win the general election.
This proposal will increase the personal allowance for pensioners by at least 2.5% or in line with the highest of earnings or inflation.
Prime Minister Rishi Sunak emphasized that the scheme shows commitment to pensioners, projecting savings of two hundred and seventy-five pounds by 2030.
Currently, the state pension rises with the highest of average earnings, wages, or by 2.5%, resulting in an 8.5% increase in April.
The new scheme is expected to cost £2.4bn annually by 2029-30, offset by enhanced tax collection and anti-evasion efforts.
Labour has criticized the plan as 'not credible,' while charities report growing concerns among pensioners about future tax burdens.