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Cameron pledges to keep state pensions 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.

Speaking to the BBC yesterday, Cameron said: “It’s a choice based on values, based on my values.

“I want people when they reach retirement to know that they can have dignity and security in their old age.

“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 don’t have to worry about it lagging behind prices or earnings and I think that’s the right choice for the country.”

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