The Conservative Government have cut tax for working people by reducing National Insurance from 12 per cent to 8 per cent. Now they will cut tax for pensioners too.
Charles Fifield, the Conservative Candidate for Mid Cheshire, which will comprise Northwich, Winsford and Middlewich from the general election on Thursday 4th July, has welcomed the Conservatives’ new Triple Lock Plus, cutting taxes for pensioners across Mid Cheshire and guaranteeing people will never pay income tax on their State Pension.
From next April the Conservatives will increase the personal allowance for pensioners in line with the Triple Lock by introducing a new age-related allowance – a tax cut of around £100 for 8 million pensioners. They will guarantee in legislation that the pensioners’ personal allowance will rise in line with the highest of earnings, prices or 2.5 per cent so it is higher than the state pension in each year of the next Parliament: the new Triple Lock Plus.
This is delivering on a core Conservative value that those who have worked hard during their lives should have dignity and security in retirement. Labour will hit pensioners with a Retirement Tax by dragging the State Pension into income tax for the first time, raiding pensioners just like the last Labour government.
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.
Only Rishi Sunak and the Conservatives have a clear plan to support pensioners and will take the bold action needed to deliver financial security and dignity in retirement. Sir Keir Starmer’s Labour would tax pensioners more, taking them back to square one.
Charles Fifield, Conservative Candidate for Mid Cheshire said:
“The Conservatives will always look after people who worked hard all their lives to provide dignity and security to pensioners in retirement, and the Triple Lock we introduced in 2011 is proof of that.
“We have already increased that State Pension by £3,700 since 2010 and I am delighted that our new Triple Lock Plus will guarantee that pensioners in Mid Cheshire will never have to pay income tax on their State Pension.
“Only the Conservatives have a clear plan for pensioners and will take bold action to protect them and deliver security in retirement.
