‘We already have the worst pension in Europe!’ Brits furious as triple lock scrapped
Pensions triple lock scrapped for millions of Brits
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
The move to temporarily shelve the triple lock policy for a year was announced yesterday. Express.co.uk readers blasted the news, with one claiming their choice at winter might be to “freeze or starve”.
Commenting on this website, the reader wrote: “So my pension is due to rise by a possible 2.5 percent from next April 2022; my energy bill is due to rise by 35 percent from October 1, 2021 and yes I am frugal with my energy use and have searched for the best deal!
“If we have a bad winter my choices will be freeze or starve.”
Another raged: “So how do the Tories plan to con voters in the next election now that they have openly shown that any promise made is not worth the paper it’s written on?”
A third fumed: “We already have the worst pension in Europe and the triple lock was implemented to rectify that.
“I know that measures need to be taken to balance the books but many pensioners cannot afford to be the ones doing that.”
Another blasted: “Desperate times for many surviving on what is embarrassingly one of the lowest state pensions in Europe.”
A fifth added: “That’s my vote gone, how many more will follow?”
One more warned: “Boris, you might think that pensioners have a short memory .. but just you wait and see!”
The triple lock guarantees pensions grow in line with whichever is highest out of earnings, inflation or 2.5 percent.
The policy was introduced to afford pensioners a decent minimum level of income which would keep pace with growth in workers’ earnings.
DWP urges pensioners to access free TV Licence [INSIGHT]
Boris Johnson speechless as he’s confronted with humiliating statistic [VIDEO]
Triple lock SCRAPPED in huge blow for pensions [ANALYSIS]
But the triple lock has been temporarily suspended because of distortions to wages during the pandemic which could have entitled pensioners to a rise of as much as eight percent.
Next year’s increase will instead be based on either 2.5 percent or inflation.
Speaking on Tuesday, Therese Coffey, Work and Pensions Secretary, told MPs there had been an “irregular statistical spike in earnings” over the period during which the pension rate is set.
She said the decision to remove the earnings benchmark “will also ensure that as we are having to make difficult decisions elsewhere across public spending, including freezing public sector pay, pensioners are not unfairly benefiting from a statistical anomaly”.
Ms Coffey told MPs: “At a time when we have made tough decisions to restore the public finances which have impacted working people, such as freezing income tax personal thresholds at current levels, this would not be fair.
“Setting aside the earnings element is temporary and only for one year.
“This means we can and will apply the triple lock as usual from next year for the remainder of this Parliament in line with our manifesto commitment.”
Source: Read Full Article