Conservative manifesto state pension plan: what is the triple lock plus? Rishi Sunak policy explained

The triple lock plus policy has been touted by Rishi Sunak as a tax cut for pensioners. But experts say it could still lead to retirees paying tax, and push the state pension age up.

Rishi Sunak announces the triple lock plus state pension policy at a general election campaign event (Photographer: Hollie Adams/Bloomberg via Getty Images)
Rishi Sunak says the Conservatives 'are on the side of pensioners' (Photographer: Hollie Adams/Bloomberg via Getty Images)
(Image credit: Getty Images)

The state pension triple lock plus was one of the Conservative Party's first policy announcements of the 2024 general election campaign.

A key commitment in Prime Minister Rishi Sunak’s manifesto, the pledge promises that pensioners will get a tax cut on top of the existing triple lock, if the party forms the next government. It comes as experts have predicted the state pension could grow to a level that will leave many pensioners having to pay income tax, should fiscal drag continue.

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Henry Sandercock has spent more than eight years as a journalist covering a wide variety of beats. Having studied for an MA in journalism at the University of Kent, he started his career in the garden of England as a reporter for local TV channel KMTV.

Henry then worked at the BBC for three years as a radio producer - mostly on BBC Radio 2 with Jeremy Vine, but also on major BBC Radio 4 programmes like The World at One, PM and Broadcasting House. Switching to print media, he covered fresh foods for respected magazine The Grocer for two years.

After moving to NationalWorld.com - a national news site run by the publisher of The Scotsman and Yorkshire Post - Henry began reporting on the cost of living crisis, becoming the title’s money editor in early 2023. He covered everything from the energy crisis to scams, and inflation. He also has bylines in MoneyWeek.