“A decent income in retirement for pensioners is central to the Liberal Democrat vision of a fair society.
“For decades, successive Labour and Conservative governments allowed the state pension to decline after Mrs. Thatcher broke the ‘earnings link’ in 1980. Our manifesto promise of a ‘triple lock’ has been implemented every year since 2010 and means that the state pension is already a higher share of the national average wage than at any time since the early 1990s.
“But if we are serious about having a decent state pension we need to go further. That is why the Liberal Democrats will guarantee in law that in each year pensions will rise by the highest of wages, prices or 2.5%.”
"I have always believed that how a society treats its elderly is a measure of how fair a society is.
"If people work incredibly hard their entire life, then the least the Government can do is to ensure that their pension is worth having. That's why Liberal Democrats in Government have changed the system, and are securing a prosperous and fair future for Britain's pensioners.
"This is the latest in a long line of Liberal Democrat policies delivered in Government that help build and safeguard a fairer society. This will offer dignity and stability to current pensioners, as well as those coming up to retirement. They will be able to better plan for their futures knowing that they'll no longer be faced with the insecurity of unpredictable pension rises."The state pension is set each October. Assuming that the state pension rises by 2.5% this year, it would mean that from April 2015 the state pension would be worth £115.93 per week. Under the Liberal Democrats’ plans the pension would continue to rise at least 2.5% every year of the next parliament- worth over £2,000 to someone on the full state pension.
|Effective From||Weekly value after 2.5% increase||Annual value of state pension||Increase from 2015|