Triple lock influences over-40s’ voting intentions as general election approaches

A large proportion of over-40s are taking the state pension triple lock into consideration when it comes to casting their vote in the upcoming general election.

Over half (51%) of those surveyed by My Pension Expert said they would be “significantly influenced” by whether a political party would keep the policy.

The findings suggest the majority are in favour of the triple lock, while just 23% believe that it is a burden on state finances.

Meanwhile, 57% of those questioned felt that it would be harmful to their retirement plans if it was scrapped.

The triple lock guarantees the state pension will not lose value in real terms. Every year, it increases by the highest out of average earnings, inflation or 2.5%.

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010. It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population's income.

However, it has proved controversial, as it is expensive for taxpayers and is set to become more expensive in the future.

My Pension Expert policy director Lily Megson said the findings made it clear that respondents were “focused on the protection the triple lock affords their future finances”.

There is a common view that the triple lock has offered a ‘silver lining’ to the cost-of-living crisis, with 66% of those surveyed feeling that this is due to the state pension increasing in line with inflation.

“Both the Conservative and Labour parties’ election manifestos have committed to upholding the triple lock.”

Ms Megson added: “But what comes next will be even more critical. Our next government must follow through with their policy promises to voters to help Britons achieve the retirement they so sorely deserve.”

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