We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Dennis Reed, director of the Silver Voices campaign group for the over-60s, said: “The scrapping of the triple lock represents the theft of around £7 per week from millions of hard-up pensioners.
“Our members are livid that the statutory guarantee and manifesto promises are being disposed of so lightly.
“We remember that the link between the state pension and earnings was broken for 30 years between 1980 and 2011 and that pensioner poverty got much worse over this period.
“If the earnings link had been maintained throughout, the state pension would be £50 per week greater than it is now.
“It’s invidious that the triple lock is scrapped just because of one year of relatively high earnings. £7 per week is hardly a king’s ransom.”
Jan Shortt, general secretary of the National Pensioners Convention, said older people are “under attack”.
She said: “The decision to freeze the triple lock is just the latest example of the Government targeting the oldest and most vulnerable in our society.
“We fear this is just a first step to completely scrapping a measure designed to prevent one of the lowest state pensions in the economically developed world from falling even further behind.”
Sarah Pennells, consumer finance specialist at Royal London, said: “Many pensioners will be deeply disappointed as the state pension is still the bedrock of many pensioner’s retirement income. Women and those self-employed are among those who will be particularly affected as they are more likely to rely on the state pension in retirement.”
Work and Pensions Secretary Therese Coffey had confirmed widespread speculation that the triple lock was to be suspended in a statement to MPs in the Commons.
Ian Browne, pensions expert at Quilter wealth management company, said: “The writing’s been on the wall for the triple lock for some time now. While the Prime Minister may have just come off a few pensioners’ Christmas card list, it is right that the earnings growth anomaly has been corrected.
“Besides, the triple lock was tweaked once already to ensure that pensioners received a fair deal. The Government introduced legislation last year to ensure pensions were uprated by 2.5 percent at a time when inflation was 0.5 percent.”
Source: Read Full Article