Last night, the Liberal Democrats joined with peers from across the political divide to defeat the Government’s decision to ditch the pension triple lock.
The Conservatives pledged to maintain the triple lock in their 2019 manifesto. The commitment ensures that the state pension will rise in line with inflation, wage growth, or a base 2.5% - whichever is higher.
However, they have since reneged on their promise - a move which will mean the average pensioner loses out on between £370 and £485 a year. This is in part due to inflation being expected to rise to between 4-5%.
The Liberal Democrats have opposed this cut and endorsed the amendment from Baroness Altmann, a Conservative peer, which passed in the House of Lords by 220 to x tonight.
The amendment also includes a provision which will allow the Secretary of State to vary the increase for this year, to reflect the artificial increase in wages caused by the pandemic.
Liberal Democrat Work & Pensions Spokesperson in the House of Lords, Baroness Barbara Janke, said:
“The decision to ditch the triple lock represents yet another broken promise from this Conservative Government. Once again they say one thing at election time, then do the exact opposite when they’re in power.
“Their decision to scrap the triple lock will leave pensioners, particularly women and those on lower incomes, out of pocket as we approach what is set to be another difficult winter. This decision is both callous and cruel.
“That is why the Liberal Democrats have been fighting to oppose this cut. By passing this amendment tonight, the House of Lords have sent a clear message to the Government and stood up for pensioners who will lose out because of Conservative negligence.”