Kemi Badenoch has said the Tories will consider means-testing the State Pension Triple Lock, in what would be a major policy shift for the party. Under the Triple Lock, the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July (4.1%), CPI in the year to September (1.7%), or 2.5 per cent.
The Conservative leader said that while in government the party had supported the policy, but that “we need to make sure we are growing.” During a phone-in on LBC, Mrs Badenoch was asked whether she would “look at” the Triple Lock, to which she replied: “We’re going to look at means-testing. Means-testing is something which we don’t do properly here.”
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However, she criticised the Labour Government’s move to means-test the Winter Fuel Payment, saying it meant “people who are actually on the breadline actually have had their winter fuel payment taken away”.
She told the programme: “We don’t have a system that knows who should get what,” she told the programme. The Triple Lock is a policy which we supported throughout our 14 years in government, that was a Conservative policy, but we need to make sure that we are growing.
“Starting with the Triple Lock is not how to solve the problem. We need to start with, why are we not making the same kind of money we used to make?
She added: “We’ve got to give something to the next generation. What are we leaving them with?
“And that’s what we’ve got to sort out. We can’t just make ourselves comfortable now, spending their future.”
The suggestion quickly came under fire from political opponents, with Labour accusing the Tory leader of “putting pensioners on notice” while the Liberal Democrats said the Conservatives should “clarify what she meant”.
A Labour Party spokesman said: “Kemi Badenoch has put pensioners on notice – she’s going to cut your State Pension.
“The Labour Government has taken tough action to clean up the mess the Tories left our economy in, meaning we can guarantee a £470 cash boost for pensioners in April.
“The Tories have let the mask slip though and are happy to leave pensioners worse off. Yet again, the Conservatives haven’t listened and they haven’t learned.”
Liberal Democrat deputy leader Daisy Cooper said: “Bungling Badenoch has finally come up with her first new policy, slashing the state pension. The Conservatives urgently need to clarify what she meant and how many pensioners would lose out.
“The Liberal Democrats are proud we introduced the triple-lock and will fight tooth and nail against Conservative attempts to weaken it.”
State Pension payments 2025/26
The DWP has published the full list of State Pension and benefit uprated payments on GOV.UK here, which also includes additional elements such as the deferred rates, which are rising by 1.7 per cent (September Consumer Price Index inflation rate).
Full New State Pension
- Weekly payment: £230.25 (from £221.20)
- Four-weekly payment: £921 (from £884.80)
- Annual amount: £11,973 (from £11,502)
Full Basic State Pension
- Weekly payment: £176.45 (from £169.50)
- Four-weekly payment: £705.80 (from £678)
- Annual amount: £9,175 (from £8,814)
Future State Pension increases
The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases:
- 2025/26 – 4.1% confirmed, the forecast was 4%
- 2026/27 – 2.5%
- 2027/28 – 2.5%
- 2028/29 – 2.5%
- 2029/30 – 2.5%
To check your own future State Pension payments, use the online forecasting tool on GOV.UK here.
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