Rishi Sunak has announced plans to give retirees “peace of mind and security” by promising that the state pension will never be taxed under the Conservatives.
Downing Street said its proposals would mean eight million pensioners would save £100 in tax from next year and almost £300 a year by the end of the decade.
In a Telegraph exclusive poll, 60pc of over 8,000 Telegraph readers have voted in favour of the pledge, dubbed the quadruple lock.
Reader Gary Roberts welcomes the potential policy, as he describes how “once you hit retirement age, it’s harder to work a job to keep afloat,” especially “when a trade job has hammered your body.”
“Pensioners need a protected standard of living. It seems fair that the basic state pension should at least be tax-free. Common sense says why waste money putting a pensioner who only receives a state pension into the administrative tax system? It’s the same as reducing the basic state pension, it just looks better.”
Sharing a similar sentiment, Francis Hunt says “I enjoy the triple lock.” She continues: “I worked for more than 40 years and therefore have provided for my own pension.”
‘Blatant bribery’
On the other hand, 40pc of readers are against the quadruple lock and have been vocal about their reasons why in the comments section.
Some believe Rishi Sunak has come out with this pledge now solely to further the Conservative’s general election campaign.
Reader Andrew Crowe labels it as “blatant bribery” and argues, “this is a disgusting version of what it means to be Conservative.”
He adds: “I believe in a small state, light regulation and state intervention and low taxes. But cutting taxes for the economically inactive – while simultaneously increasing their state benefits and increasing taxes on working people – is the worst possible thing you can do.”
Similarly, reader W. Watson labels Rishi Sunak’s move as “desperate”.
“He is coming up with a solution to a problem that he will have created and discriminating against younger workers at the same time.”
‘Another snub to the youth of today’
Other readers have also highlighted how the quadruple lock pledge will arguably deter young voters from voting Conservative.
Reader Joe Wilko claims the pledge is “another snub to the youth of today”, following the Prime Minister’s announcement last Saturday of bringing back National Service.
He continues: “As a whole, the pensioner generation is very well off in comparison. Cheap or free education and rising asset prices have created massive intergenerational unfairness. Not to mention better business conditions and far cheaper costs of living.
“The pension, as we know it, will only last 10 to 15 years in its current form before it’s means-tested for only those without any savings provisions. It’s clear that it’s a Tory last ditch to secure the pension votes.”
Diana Kimpton, 73, says that “as someone who will benefit from this, I think the proposal is extremely unfair”, arguing “I already pay less tax than a young person earning the same income with two children to support because I don’t pay National Insurance.”
Instead, she suggests “it would be better to raise the tax allowance for everyone and reintroduce tax allowances for dependents. At the moment, it looks as if Rishi Sunak is trying to woo the grey vote and abandon the youth vote completely in the mistaken idea that only old people vote Reform.”
‘A reward for those who haven’t bothered saving’
Meanwhile, David Walker suggests “presumably this means the personal allowance threshold, below which no tax is payable, will be higher for pensioners than for anyone else.
“There is no justification for raising the threshold for just one group of people – that’s just crazy.”
Reader Sam Smith shares: “I’m in my 40s and taxed through nose. I can’t even afford to pay into my private pension yet, and I’m asked to fund more pensioner tax breaks?
“What happened to the Mondeo man? Now it’s the blue rinse lady.”
An anonymous reader finds themselves in a similar boat: “I already pay tax on my private pension – pre-OAP – so this is just a reward for those who haven’t bothered saving.
“The pension will soon be unaffordable – this makes it totally unsustainable. It is totally ‘non-Conservative’ after closer inspection and another Labour-style bribe with others’ money. Will Rishi Sunak never learn?”
Saoirse O’Sullivan weighs in, arguing “the state pension has always been potentially taxable if your total income is high enough” and “the Treasury doesn’t have the mechanism to deduct PAYE from it as any other pension provider would.
“Stop the lies Rishi Sunak.”
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