Triple lock sways over-40s voting intentions as general election approaches | Personal Finance | Finance

More than half of over-40s have said political parties’ commitment to maintaining the triple lock pension would significantly influence their voting intentions in the upcoming general election.

A new, independently commissioned survey by My Pension Expert found the majority of those over-40s are in favour of the policy, with just 23 percent believing that the triple lock is a burden on state finances.

Meanwhile, 57 percent feel that scrapping the triple lock pension would damage their financial plans for retirement.

This comes as two-thirds (66 percent) feel the increase in the state pension in line with inflation due to the triple lock has been a silver lining to the cost-of-living crisis.

By honouring the triple lock, the highest percentage out of three different values – wage growth, inflation, or 2.5 percent – is used to determine how much the state pension will increase in a new tax year.

This year, the state pension increased in line with wage growth at 8.5 percent, as this was the highest figure out of the three values.

Despite this, when considering the two main political parties in the UK, 33 percent of respondents said they were still unsure whether the Conservative Party will commit to keeping the triple lock for the foreseeable future.

This rises significantly to 48 percent for the Labour Party.

Lily Megson, policy director at My Pension Expert, said: “The verdict’s in. By in large, over-40s are in support of the Government’s triple lock policy and the protection it affords their future finances.

“Indeed, over half indicate that it will sway their decision-making when the time comes to cast their ballot next month.”

“Despite this, many remain in the dark about what either main party taking office would mean for the triple lock.

“Evidently, even with the general election fast approaching, both parties still have much work to do to make their position on key policy clearer – or suffer the consequences from an electorate laser-focused on pension stability.

“After all, everyone deserves to have a well-informed and comprehensive understanding of how their vote will impact their retirement goals and aspirations.”