Queen’s Speech 2017: What it means for your retirement

The Queen has today delivered her speech to mark the formal start of the parliamentary year.

But glaring omissions are the lack of confirmation as to whether the triple lock protecting state pensions will be scrapped.

The government’s document accompanying the Queen’s Speech states: 'We will work to address the challenges of social care for our ageing population, bringing forward proposals for consultation to build widespread support.

'The consultation will set out options to improve the social care system and to put it on a more secure financial footing, supporting people, families and communities to prepare for old age, and address issues related to the quality of care and variation in practice.'

However, no mention of a social care cap was made. The Conservatives had pledged to take the value of a person’s home into account when they are receiving care at home – but following widespread criticism Theresa May later confirmed that the Conservatives would also consult on a social care cap.

Pensions were also left out of the Queen’s speech. It was expected that the state pension triple lock would be reformed into a 'double lock' under a Conservative premiership.

But, having failed to secure an outright majority, plans for reducing the triple lock are in limbo.

Maike Currie, investment director at Fidelity International, says: 'It’s fair to say that today’s Queen Speech was more notable for what it didn’t include, than what it did. There was no conclusive decision on the Conservative party’s controversial social care plans - dubbed the "dementia tax" by the opposition. Instead, the Queen pledged that her ministers will work to improve social care and bring forward proposals for consultation. Also glaringly absent were plans around the triple lock on pensions.'

Darren Philp, director of policy and market engagement at The People’s Pension, adds: 'This was a Queen’s Speech that steered clear of pensions policy almost entirely with issues such as the state pension triple lock seemingly kicked into the long grass.'

Subscribe to Money Observer Magazine

Be the first to receive expert investment news and analysis of shares, funds, regions and strategies we expect to deliver top returns, plus free access to the digital issues on your desktop or via the Money Observer App.

Subscribe now

Add new comment