I fully appreciate the contribution pensioners have made, and continue to make, to British society and agree that we must ensure that they have security and dignity in their retirement.
A decade ago, poverty blighted the retirement of many older people. That’s why we introduced the Triple Lock – where the State Pension rises by the highest of earnings, inflation, or 2.5 per cent. That has worked – increasing the State Pension by over £1,250 and reducing pensioner poverty to historically low levels.
We now need to make sure we continue to provide dignity to older people and fairness to working people. Our Double Lock will deliver that by ensuring pensions will rise in line with the earnings that pay for them, or in line with inflation – whichever is highest.
Additionally, there are a number of pensioner benefits, free bus passes, free prescriptions and TV licences. Cold Weather Payments have also been increased and the Warm Home Discount introduced to provide vulnerable pensioners with an £140 rebate on their energy bills.