Kevin Foster has welcomed the Conservatives’ new Triple Lock Plus, cutting taxes for pensioners across Torbay and guaranteeing people will never pay income tax on their State Pension.
After committing to protect the Triple Lock earlier this year, the Conservatives will go further to boost pensioners’ incomes if they win the next election.
In addition to uprating the State Pension inline with the highest of prices, earnings, or 2.5 per cent, the tax-free personal allowance for pensioners will also rise by the Triple Lock–guaranteeing the State Pension is always below the tax-free threshold. This means that pensioners will never pay income tax on their State Pension, as the Conservatives continue to deliver on their clear plan to provide dignity and security in retirement.
As a result of the Triple Lock Plus, the average pensioner will see an increase in the State Pension of £428 next year alongside an income tax cut of £95.
By the end of the Parliament, it will be a boost of £1,677 a year to their pension and further £275 a year tax cut. The Triple Lock Plus builds on the Conservative Government’s strong track record of protecting people who worked hard all their lives after their retirement.
The Conservatives first introduced the Triple Lock in 2011, which has seen the State Pension increase by more than £3,700 since they entered office–which is £990 more than if it had been uprated by prices, and £1,000 more than if it had been uprated by earnings since 2010.
Kevin Foster said: “Having already increased the State Pension by £3,700 since 2010, I am delighted our new Triple Lock Plus will guarantee that pensioners in Torbay will never have to pay income tax on their State Pension.”
“Labour won’t match our pledge and the Lib Dems can’t deliver it. Triple Lock plus makes the choice clear for pensioners across our bay who want a positive plan for their and our bay’s future, they need to vote Conservative.”
