Liberal Democrats to keep triple lock

The Liberal Democrats have confirmed plans to keep the triple lock for pensions in their election manifesto. The party, which helped introduce the measure when in coalition with the Conservatives, has joined Labour in proposing to maintain the lock, something the Conservatives have not confirmed.

It was introduced when Sir Steve Webb was minister for pensions, although Sir Steve himself - who lost his seat in 2015 and is now director of policy at Royal London - recently proposed the lock be kept only for those who retired before April 2016. The scrapping of the triple lock has been suggested by the House of Commons Work and Pensions Committee, headed by Labour MP Sir Frank Field.

Further pension proposals include reviewing the case for the introduction of a single rate of tax relief for pensions, which the Lib Dems argue could be "designed to be simpler and fairer and which would be set more generously" than the 20% rate currently in place.