Over one hundred years ago, in 1909, the first state pension was introduced by the great Liberal statesman, Lloyd George. 

The aim of the scheme was simple: in exchange for National Insurance payments, everyone who had worked hard and contributed to society would be supported in their later years.

Since then, changes have been made to the state pension to match the changing financial pressures that retirees face.

One of these changes was the pension ‘Triple Lock’ guarantee, introduced by the Liberal Democrats in Government. This was designed to ensure that your state pension increases in line with inflation, average wage growth, or a baseline of 2.5% - whichever is higher.

The idea was that people who receive the state pension could rest easy knowing that their spending power would keep up with that of others in society. Many people across our corner of Devon rely on the state pension to pay their bills, and as we look ahead to cold winter months, certainty is what they need.

House of Commons research shows that rates of pensioner poverty in the UK are higher than in most European countries. While the poverty rate in the UK amongst the population is over 12%, that increases to 15.5% for pensioners. Older people have fewer opportunities to access additional income - and as our state pension in the UK is one of the lowest in Europe - every penny really does count.

In recent weeks we’ve seen concerning reports that this Conservative Government may renege on another 2019 manifesto promise and water-down the Triple Lock. We know that this would impact those who are most in need, because it happened last year when the Conservatives suspended the application of the Triple Lock.

This concern is on top of recent news that has alarmed some older people in the Axe Valley - that an entire wing of Seaton Community Hospital is being threatened with being put up for sale. While services are increasingly delivered “at home”, we must stop the hollowing out of our local services.

Liberal Democrats are committed to protect the Triple Lock in full - to give pensioners the fair deal they deserve. We are calling for the state pension to increase in line with inflation, average wage growth, or a baseline of 2.5% - whichever is higher.