What is the pension triple-lock – and how could it be means-tested?
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Kemi Badenoch said Conservatives will look at means testing the measure used to increase the state pension year on year. The pension triple-lock should be means tested to make sure the country is “growing” Conservative leader Kemi Badenoch has said, sparking criticism from Labour opponents.
Speaking on LBC, the leader of the opposition said the Conservatives are “going to look at means testing” the measure used to increase the state pension year on year. It is currently in place for all pensioners, regardless of income or savings. Speaking to host Iain Dale, Ms Badenoch said: “Means-testing is something which we don’t do properly here.”.
“Starting with the triple-lock is not how to solve the problem. We need to start with: why are we not making the same kind of money we used to make?. “I tell people we’ve started living off our inheritance, we’re living off the work that previous generations did. We’ve got to give something to the next generation. What are we leaving them with? That’s what we’ve got to sort out.”.
The Conservative leader has been asked by MPs to clarify what her comments would entail, but has so far not responded. They are a far cry from her predecessor Rishi Sunak’s pre-election promise to introduce the ‘triple lock plus,’ which would have also seen the tax-free pension allowance increased every year.
Means testing is when a person’s finances are assessed to determine if they are eligible for a certain payment, or eligible for it at a different scale. It is based on the principle that those with less personal wealth should be more eligible to receive financial assistance than those with higher wealth.
