May Guarantees Survival of Pension Triple Lock
In a series of objectives, British Prime Minister Theresa May puts in priority the protection of the pension triple lock, confirming her position in the UK’s ongoing pensions struggle.
According to Bloomberg, The Prime Minister intends to use several recommendations by Former Policy Chief of Labour Matthew Taylor during the time of former Prime Minister Tony Blair. The 2016 recommendations from a working practices investigation May herself commissioned as Home Secretary would focus on increasing national living expenses in the next five years.
Part of this is to protect pensions from “irresponsible behaviour by company bosses,” which include unsustainable company actions such as maintaining unhealthy dividends and initiating or welcoming takeovers that compromise the future of employees and the future of pension schemes at risk.
In the last week of April, Mrs May said she would refuse to rule out the triple lock guarantee for pensioners in the last two decade, siding with Labour and the Office for Budget Responsibility’s investigation results that prices would increase by 2.5 per cent in the next parliament, which would safeguard the outcome of the lock.
Former CBI director John Cridland recommended scrapping the overall triple lock and even increasing the UK’s pension age to 68 after publishing his review results last March. Cridland’s recommendation would help the government save more on spending. He acknowledged that the new retirement age increases would be difficult for the disadvantaged and he recommends the pension age increases only on people who could still work beyond the age of 60.