OLDER people who have worked all their lives will receive more support than ever before across Cumbria as outlined in a series of Conservative manifesto pledges.
After committing to protect the Triple Lock earlier this year, the Party’s election manifesto 2024 sets out their plan to go further to boost pensioners’ incomes.
Mark Jenkinson, the former MP for Workington and the Conservative candidate for the Penrith and Solway constituency, has welcomed the move.
He said: “We will always look after people who have worked hard all their lives and have increased that State Pension by £3,700 since 2010. I am delighted that our new Triple Lock Plus goes further to protect pensioners and will guarantee that people in Penrith and Solway will never have to pay income tax on their State Pension.”
In addition to uprating the State Pension in line with the highest of prices, earnings, or 2.5 per cent, the tax-free personal allowance for pensioners will also rise by the Triple Lock – guaranteeing that the State Pension is always below the tax-free threshold.
This means that pensioners will never pay income tax on their State Pension, as the Conservatives continue to deliver on their clear plan to provide dignity and security in retirement.
As a result of the Triple Lock Plus, the average pensioner will see an increase in the State Pension of £428 next year alongside an income tax cut of £95. By the end of the Parliament, it will be a boost of £1,677 a year to their pension and further £275 a year tax cut.
The Triple Lock Plus builds on the Conservative Government’s strong track record of protecting people who worked hard all their lives after their retirement.
The Conservatives first introduced the Triple Lock in 2011, which has seen the State Pension increase by more than £3,700 since they entered office – which is £990 more than if it had been uprated by prices, and £1,000 more than if it had been uprated by earnings since 2010.
Meanwhile Labour has refused to back the Triple Lock Plus, and their Retirement Tax would see the State Pension be dragged into income tax for the first time in history if they entered government.
