General Election 2017: Lib Dems promise to keep pensions triple lock

Lynsey Barber
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Pensioners have been promised a generous guarantee on their income (Source: Getty)

The Lib Dems have promised to protect state pensions with the "triple lock" in its latest General Election pledge.

It will guarantee a rise for pensioners that would be the highest of either inflation, average earnings or 2.5 per cent.

Read more: Triple lock adds £2 to weekly pensions but is worth defending, say experts

Former Lib Dem business secretary Vince Cable said: "The guiding principle of the pensions system must be to ensure that none are left unable to meet their basic needs for survival and participation in society, and that everyone is treated with the respect and dignity they deserve."

Wealthier pensioners with an income of more than £45,000 would no longer get the winter fuel allowance under the plans. The party estimates this would affect five per cent of those under the age of 80 and two per cent of those over 80-years-old.

Read more: Tories free to ditch pension triple lock three years early

Labour has also promised to keep the triple lock promise until 2025 with the Conservatives yet to say if the party will continue its previous commitment to pension guarantee.

MPs have previously urged the promise to be scrapped. The work and pensions committee said the triple lock was unfair on younger families and "unsustainable".

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