PM warns of Brexit threat to pension triple lock

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David Cameron says the Government cannot guarantee protections for the state pension in the event of a Brexit.

Speaking on the Andrew Marr show this weekend, the Prime Minister said a vote to leave the EU could cause a “black hole” in the public finances, the BBC reports.

He warned the triple lock on state pensions – where payments rise by the higher of earnings, inflation or 2.5 per cent – could be under threat

He said: “Our pensions promise is based on a growing and succeeding economy.

He added: “All the experts… agree that if we leave the single market, if we cut ourselves off from the most important market, our economy would be smaller and that has consequences.

“We would be taking a risk with growth, with jobs and with pensions. We shouldn’t do that – it is the wrong choice.”

The Conservatives promised to extend the triple lock until 2020 in their 2015 manifesto.

However, Cameron quoted Institute for Fiscal Studies figures that predict Brexit would lead to a shortfall in the public finances of between £20bn and £40bn.

This would need to be “filled”, Cameron said, either by taxes, borrowing or spending cuts.

In May, the Treasury said private pension savings could see up to £2,000 wiped off their value in the event of Brexit.