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Cameron pledges to keep state pension triple lock until 2020

Prime Minister David Cameron has promised to keep the triple lock on state pensions until 2020 if he is re-elected in 2015.

The triple lock, which was part of the last Liberal Democrat manifesto and introduced in 2010, guarantees pension rises in line with inflation, earnings or 2.5 per cent, whichever is highest.

The Liberal Democrats have refused to commit to the triple lock beyond 2015 but pensions minister Steve Webb says he hopes it will continue.

Labour says it is “committed” to the triple lock but will set out its plans closer to the general election.

Cameron said: “People who have worked hard, who have done the right thing, who have provided for their families, they should then know they will get a decent state pension and they do not have to worry about it lagging behind prices or earnings, and I think that is the right choice for the country.”

Separately, Chancellor George Osborne announced this week there needs to be £25bn more cuts after 2015, including £12bn in welfare savings such as ending housing benefit for those aged under 25.

Independent financial consultant Richard Hobbs says: “The general election campaign has just begun. The Government is cutting benefits for young people who do not vote and giving them to older people who do.”

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