People who have worked hard for their entire lives deserve to enjoy retirement with security and dignity. This is a fundamental tenet of conservatism, that hard work should pay off.

 

I am proud of the fact that the Conservative Government in Westminster has increased the State Pension by over £900 this year alongside other cost of living payments to pensioners with high energy bills.

 

I am also proud of the fact that successive Conservative Governments have increased the state pension by £3,700 since 2010, ensuring that State Pensions in the United Kingdom are protected by the triple lock, ensuring that pensions rise either with inflation, average wages or 2.5%, whichever is the lowest.

This policy, implemented by the Conservatives has helped lift 250,000 pensioners out of poverty since it was introduced. 

 

This means that pensions are protected from the impact of wider economic issues.

 

However, the Conservatives are looking to go further.

 

Earlier this year, The Chancellor cut National Insurance from 12 per cent to 8 per cent and is now looking at further tax cuts for pensioners.

 

From next April, personal allowance for pensioners will be raised in line with the Triple Lock by introducing a new age-related allowance. This will result in a tax cut of around £100 for 8 million pensioners.

 

Like the Triple Lock, this Triple Lock Plus means that personal allowance will raise with inflation, the average wage increases or 2.5 per cent, providing more security and peace of mind for pensioners wanting to enjoy retirement.

 

It is clear that the Conservatives have a plan to protect pensioners, grow the economy and ensure that hard work pays off.