‘People are getting this wrong’: State Pension under a new ‘Triple Lock’‘People are getting this wrong’: State Pension under a new ‘Triple Lock’

Um- And the question we always also have to ask is whether any of it's actually going to happen.

Mm-hmm.

Because it's planned.

There is legislation for it to happen-

Mm

...

in this parliament, but it's not due to kick in until 2030.

Now, those paying attention will understand that we have to have had a general election by 2030.

Yeah.

So they might not be in power to enact it, and a lot's gonna depend on what is promised in that general election.

Completely.

I mean, under the current rules, the state pension is gonna continue to rise as it is at the moment until 2030.

From then, the new system kicks in.

But the very latest the UK can have a general election is August 2029.

So basically, it just depends what happens in that.

It just depends what happens, and we'll, we will see.

It will be actually quite interesting to- We're not a political podcast, Gemma.

No.

But it is gonna be interesting to see what parties say-

Mm

... between now and then because there'll be a big temptation to say, "Well, we're gonna keep the triple lock." Perhaps some parties have said that, but it will also be tempting for any party that's actually gonna be in power-

Mm-hmm

... to do something about this [laughs] because, because it's a big cost.

Everyone knows it is.

This might be, uh, the time to grasp the nettle when perhaps, you know, the Labour government has taken the hit politically, then, you know.