Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • June 2014
06

LibDems vow to pass pensions 'triple lock' into law

Open-access content Monday 30th June 2014 — updated 5.13pm, Wednesday 29th April 2020

The Liberal Democrats' manifesto will commit the party to passing the ‘triple lock’ state pension guarantee into law, pensions minister Steve Webb announced this weekend.


30 JUNE 2014 | BY JUDITH UGWUMADU

Webb said the triple lock guarantee would give pensioners more certainty that their pension will continue to rise in future.

The so-called triple lock, introduced in 2010, ensures an annual rise in the value of the state pension, by whichever is the higher of annual earnings growth, inflation or 2.5%. They would take the value of the basic state pension to around £131 a week by from its current level of £113.10 per week.

Webb blamed successive Labour and Conservative governments for allowing the state pension to decline after Margret Thatcher broke the earnings link in 1980. He claimed that a decent income in retirement for pensioners was central to the Liberal Democrat 'vision of a fair society'.

'Our manifesto promise of a "triple lock" has been implemented every year since 2010 and means that the state pension is already a higher share of the national average wage than at any time since the early 1990s,' he said.

'But if we are serious about having a decent state pension we need to go further. That is why the Liberal Democrats will guarantee in law that in each year pensions will rise by the highest of wages, prices or 2.5%.'

 

This article appeared in our June 2014 issue of The Actuary .
Click here to view this issue

You may also be interested in...

PPI: state pensions more costly in an independent Scotland

An independent Scotland would find it more difficult than the UK to pay for state pensions and could be forced to increase taxes to fund the bill because the Scottish population is ageing more quickly, the Pensions Policy Institute has claimed.
Thursday 19th June 2014
Open-access content

Actuaries back TPR's new DB funding code

Actuaries have welcomed The Pensions Regulator’s revised code of practice on the funding of defined benefit schemes, saying it strikes the ‘right balance’.
Wednesday 11th June 2014
Open-access content

Member trustees back government's CDC pension plans

The Association of Member Nominated Trustees has welcomed the inclusion in this week’s Queen’s Speech of legislation to create collective defined contribution pensions.
Friday 6th June 2014
Open-access content

IFS casts doubt on affordability of Scots pension plan

Scottish Government plans to review the proposed increase in the state pension age if the country votes for independence could increase public spending by as much as £550m, according to a new economic analysis.
Tuesday 3rd June 2014
Open-access content

Hargreaves Lansdown: CDC plans 'misguided'

Government intentions to legislate for Collective Defined Contribution pension schemes are ‘misplaced’ and will not see returns distributed fairly, Hargreaves Lansdown warned today.
Monday 2nd June 2014
Open-access content

Age UK calls for regular financial check ups

The idea of a single financial plan for retirement is no longer fit for purpose, charity Age UK said as it called for periodic finance ‘MOTs’.
Friday 27th June 2014
Open-access content
Filed in
06
Topics
Pensions
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Reserving Analyst

London (City of)
Negotiable
Reference
149485

Senior GI Modeler - Capital and Planning

London (Central)
£ excellent
Reference
149436

Risk Oversight Manager

Flexible / hybrid with a minimum of 2 days per week office-based
£ excellent
Reference
149435
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ