Lib Dems introduced the pension triple lock and should decide its future terms
By
Adam Shaw
20d ago· 3 min readenOpinion
Summary
This article discusses the origins of the state pension triple lock, introduced by Lib Dem pensions minister Sir Steve Webb in 2010 to address years of real-terms decline in pension value. It argues that the Liberal Democrats, as the policy's creators, should be the ones to determine how and when it ends, rather than having other parties dictate the terms. The piece reflects on the policy's success in closing the gap between state pension and average earnings, while acknowledging the need for a thoughtful transition strategy.
Source
bskyLib Dems introduced the pension triple lock and should decide its future termslibdemvoice.orgKey quotes
· 2 pulledWhen Sir Steve Webb introduced the triple lock as Lib Dem pensions minister in the coalition government, the aim was to close the gap between the state pension and average earnings
In 2010, the basic state pension was just £97.65 per week, or just over £5,000 per year, for a single person – a truly pitiful amount for someone who had worked for at least 39 or 44 years
When Sir Steve Webb introduced the triple lock as Lib Dem pensions minister in the coalition government, the aim was to close the gap between the state pension and average earnings and reverse years of real-terms decline during which the state pension had
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