Last month, the government suspended a “triple lock” policy that was used to set how much state pensions would go up each year. State pensions are to increase each year along with one of the three highest of inflation, rising average wages, or 2.5%.
Known as Triple Lock, it was introduced in 2010 by the Conservative / Liberal Democratic Party coalition government.
However, during the coronavirus pandemic, many people earned less than usual because they were put in temporary dismissal.
Therefore, it is estimated that when people return to work and pay the full amount, their average income will increase by 8% from May to June 2021.
Under the triple lock rule, it means that the state pension needs to be raised by a similar amount.
However, Labor Pension Secretary Therese Coffey has announced that Triple Lock will be suspended from 2022 to 2023.
But Silver Voices’ Dennis Reed warned that if he abandoned triple lock next year, the prime minister would be the “head of government.”
He said Express.co.uk: “It would be unthinkable in civilized society that the low-country pensions we receive in this country are further diluted.
“Many members of former conservative voters have called for a campaign against the Tories abandoning triple lock in future elections.
The latest CPI inflation rate means that a completely new state pension will increase from £ 179.60 per week to £ 181.15 in April 2022.
Full basic state pensions also rise from £ 137.60 to £ 141.85 per week.
However, tax experts have previously warned that the treasury, which is struggling to raise funds, could be forced to suspend triple locks for the second year in a row.
In response, Reed said it would be “very scandalous” if the government decided to abandon triple lock next year.
He said the decision to weaken pension protection would drive hundreds and thousands of retired households into poverty.
Reed continued: “The triple lock decision abandoned state protection for pensioners.
“If the government decides to abandon triple lock next year, it would be very scandalous.
“Basically, the decision to weaken triple locks puts hundreds or thousands of retired households into poverty.
“There is no other way to see it. That’s why we’re campaigning so hard to rethink it.”
State pension warning: Snacks said hundreds of thousands could turn Tories on over policy.UK | News
Source State pension warning: Snacks said hundreds of thousands could turn Tories on over policy.UK | News