More than 1.25 million pensioners are dependent on their state pension as they have no emergency funds to help them through the cost of living crisis. Experts have said that the financial situation of many older Britons shows the importance of maintaining the triple lock guarantee to ensure access to a dignified retirement. So, do you think Chancellor Jeremy Hunt should commit to saving the guarantee? Vote in our poll.
Some 12.5million Britons are in receipt of a state pension and for many this is the bulk of their retirement income.
Analysis of Department of Work and Pensions statistics shows that in the 2021/22 financial year, more than 1.25 million pensioners had no savings, an increase of 56 percent on the last 12 months.
Former Pensions Minister Sir Steve Webb, a partner at pension consultants LCP, said: “It is shocking how many pensioners have very little by way of a nest egg to help cover large or unexpected bills. This makes it all the more important that all pensioners have a decent regular income from their state pension.
“The triple lock is a key protection for pensioners, helping to ensure that the state pension gradually recovers some of the value it lost over three decades when it was linked only to inflation.”
READ MORE: The state pension triple lock will die unless we all fight for it
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The triple lock guarantees that the state pension will rise by the highest figure out of the rate of inflation, the average wage increase, or 2.5 percent. This month the state pension was hiked by 10.1 percent and with inflation remaining high the Government will be under pressure to commit to the triple lock pledge.
Shadow Work and Pensions Secretary Jonathan Ashworth said that pensioners were at the “sharp end” of the cost of living crisis and more needed to be done to guarantee security.
He explained: “Labour warned that pensioners were at the sharp end of the cost of living crisis – but the Tories refused to act sooner. While families across the country were digging into their savings to make ends meet, the Tories were hiking taxes on working people and imposing the largest ever real-terms cuts to the state pension.
“They couldn’t have been more out of touch with the British people if they’d tried. Labour will always be on the side of pensioners. A Labour Government will guarantee security and dignity in retirement.”
So what do YOU think? Should the Government commit to saving triple lock? Vote in our poll and leave your thoughts in the comment section below.
