Pensioners, and those approaching retirement, have a right to know if the Tories are planning to increase income tax, hike the retirement age by five years or slash pension benefits to pay for their reckless plan to abolish National Insurance. 

For months, Labour has asked them to rule out cuts to the state pension to pay for it – and each time they have refused.

But the facts speak for themselves. Entitlement to the state pension is based on people’s contributions during their working life, via their National Insurance Contributions (NICs).

Under the Tories’ plan, employees will not make contributions, creating uncertainty about this entitlement and blowing a £46 billion hole in funding earmarked for the state pension.

Labour has called on the Tories to come clean over five key questions:

  • Will they finally rule out any cut to the basic state pension to fund their £46bn NICs commitment? If they are ruling this out, where is the money coming from?
  • Is the state pension age going to be hiked to pay for your totally unfunded £46bn NICs black hole?
  • Has an impact assessment been undertaken on the outcome of a £46bn NICs black hole on pensioner living standards?
  • Will the state pension be means tested?
  • How will people manage in retirement if you cut the state pension and/or pensioner benefits to fill your £46 billion tax black hole?
  • Will Winter Fuel Payments be scrapped to help fill your £46 billion tax black hole?

Pensioners should be able to plan their futures with peace of mind, but 14 years of Tory economic chaos have left them in limbo. The next Labour government will restore certainty with the pension triple lock, guaranteeing its protection throughout the next parliament.

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