New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Tories pledge to keep triple lock for UK expats in EU after Brexit

Work and pensions secretary Esther McVey has pledged to keep the triple lock in place for UK expats living in the EU after Brexit, and thrown her support behind the pensions dashboard.

Tories pledge to keep triple lock for UK expats in EU after Brexit

Work and pensions secretary Esther McVey has pledged to keep the triple lock in place for UK expats living in the EU after Brexit. 

The triple lock increases the state pension every year by whichever is highest from inflation, earnings or 2.5%. 

There were fears that British pensioners living in EU countries would lose the guaranteed increase after Brexit. This is because the triple lock currently only applies in countries that are part of the European Economic Area or with which the UK has a reciprocal agreement. 

However, in her speech at the Conservative party conference McVey (pictured) sought to play down these fears.

'We will continue to protect UK pensioners living in the EU post-Brexit by applying the triple lock as we do here,' she said. 

McVey stopped short of committing to maintain the triple lock into the future as Labour leader Jeremy Corbyn did last week, although she did emphasise the increases in the state pension since the coalition introduced the triple-lock policy. 

'We are providing certainty in retirement through the state pension, which has increased by £1,450 per pensioner since 2010.  In sharp contrast to the 75p increase pensioners received under Labour in 2000 – remember that?'

The work and pensions secretary also committed to support the pension dashboard, despite reports she was planning to drop the project.

'We will be giving people the opportunity to access their pension information through an industry-led pension dashboard, building on the government's check your state pension online service,' McVey said. 

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7288.43 + 57 0.79% 02:52
More Content
More Content

BUSINESS

15 Comments Active Wealth (UK) collapse leaves £500k PI mystery

Active Wealth (UK) collapse leaves £500k PI mystery

Our investigation into the collapse of a firm at the centre of the British Steel pension transfer scandal reveals significant holes in the professional indemnity insurance system

ADVICE

15 Comments Active Wealth (UK) collapse leaves £500k PI mystery

Active Wealth (UK) collapse leaves £500k PI mystery

Our investigation into the collapse of a firm at the centre of the British Steel pension transfer scandal reveals significant holes in the professional indemnity insurance system

twitter_banner

INVESTMENT