The future of the triple lock has looked increasingly uncertain and as the General Election approaches a dividing line between the Tories and Labour has appeared when it comes to state pension policy.
It comes after the Conservative party claimed that thousands of state pensioners could be slapped with a "retirement tax" if the Labour Party return to power.
In the run-up to the General Election, the Conservatives have promised to raise the tax-free state pension allowance in what they have called a "Triple Lock Plus".
Under the plans, the personal allowance for pensioners would increase by at least 2.5 per cent, or in line with the highest of earnings or inflation, meaning fewer would have to pay income tax on it.
Shadow Chancellor Rachel Reeves slammed the party’s "triple lock plus" pledge as a "gimmick".
Reeves has refused to adopt the "triple lock plus" in a move which the Tories have claimed is the equivalent of a "retirement tax".
In 2021, the tax-free personal allowance for employees and workers was frozen at that year's level of £12,750 and remains at this amount today.
Chancellor Jeremy Hunt said tax allowances will remain frozen until 2028, whereas previously they would have been raised in line with inflation.
According to the Office for Budget Responsibility (OBR), the state pension is expected to exceed the frozen personal allowance by 2027 which will result in pensioners paying tax on the benefit.
Sir Keir Starmer hit back at claims his party would implement the equivalent of a "retirement tax" and pledged to keep the state pension triple lock for at least five years if Labour wins on July 4.
The Labour leader declared that "pensioners deserve better" as older households continue to struggle navigating the ongoing cost of living crisis.
Writing for The Express, Starmer said: "Britain’s pensioners deserve better. They deserve certainty, and for politicians to be straight with them so they can plan their lives pensioners deserve better.
"They deserve certainty – and for politicians to be straight with them so they can plan their lives.
"That’s why I’m guaranteeing the pensions triple lock will be in the Labour manifesto and protected for the duration of the next parliament."
Both parties are in a fierce battle to win over voters ahead of the election.
However, the British public is becoming increasingly concerned about their retirement and the future of the triple lock.
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