Comment: Triple lock plus – ‘Too little, too late’

Lily Megson, Policy Director at My Pension Expert, said: “It’s a clear sign that Sunak is reverting to the old tried-and-tested model of trying to woo older voters immediately before a general election. Sadly, although the ‘Triple Lock Plus’ undoubtedly has merits, last-minute policies from a party bracing for defeat are not what pension planners need.

“For too long, those in or nearing retirement have been overlooked. Meaningful policy to help address the financial challenges faced by over-60s has been lacking for many years, especially during the cost-of-living crisis. Sunak’s late bid to close the gap on Labour by announcing favourable tax changes for those receiving a pension will do little to offer meaningful long-term assistance to those who have struggled under the burden of high inflation, high interest rates and a high tax burden.”