Pension policy has been a key dividing line in this election so far - with more detail to come when manifestos are released
Both parties have pledged that if they win the general election, they will maintain the state pension triple lock The two major parties could show further differences when their manifestos are released this month.This policy means that every year, the state pension rises by the highest of inflation, average wage growth, or 2.5 per cent.and retirees’ tax-free allowance – currently £12,570 – would increase in line with inflation, average earnings, or 2.5 per cent, whichever is highest.
The Conservative Party said without committing to match its pledge, Labour would drag pensioners’ tax bills up, though calculations forsuggest those who rely solely on the state pension could end up saving just £14.60 per year – or 28p a week – in tax payments by 2028 through policy., said the announcement was “just another desperate move from a chaotic Tory party torching any remaining facade of its claims to economic credibility”.
However, despite it being scrapped very recently, Labour’s position is that it would bring the LTA back, if it were to win July’s election.: “We have committed to reintroducing a Lifetime Allowance and we are looking at different options for how to do this in a fair way.– who will be crucial for delivering Labour’s programme of reforms set out in our missions for government. Our solution will, as well as doctors, cover other public sector leaders.
There are calls from the campaign for compensation because of the way the change was communicated, but so far, neither major party has committed to this.
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