News
State Pensions Fails to Support Basic Living Standards
PM MUST UNDO DAMAGE CAUSED BY HIS TRIPLE LOCK BETRAYAL
Gordon MP Richard Thomson is backing calls for the UK Government to fix the missing finances of millions of pensioners, following a damning new report which revealed the UK Government’s State Pension is failing to support the minimum standard of living.
The Pensions and Lifetime Savings Association published its annual retirement living standard report, which shows the income required to maintain a basic standard of living has massively outstripped the rise in the State Pension.
To date, the minimum income now sits at £12,800 while the State Pension will rise to £10,600 for those on the full flat rate.
As a consequence of Rishi Sunak’s decision as Chancellor to suspend the pensions triple lock for one year, the State Pension is £520 a year less than it would have been.
Commenting, Richard Thomson MP said:
"The failure to fix the shortfall in the State Pension will have devastating consequences for millions of pensioners.
“In 2014, people in Scotland were warned that their pensions would be at risk if Scotland didn’t remain part of the UK. Today, their State Pension doesn’t even support the minimum standard of living.
“That is a direct consequence of continued Westminster control, and 12 years of austerity-driven Conservative policies.
“As we continue to tackle a Westminster-made cost-of-living crisis, it is crucial that the Prime Minister fixes this mess of his own making by restoring pensions to at least the level they would have been, had he not broken his party’s triple lock manifesto promise.
“A failure to do so will have devastating consequences for millions of pensioners. We have seen with the new devolved Scottish benefits system that dignity and respect is at its heart and if Rishi Sunak won’t support pensioners then he should give the Scottish Government the power and resources to do so.”
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Notes to Editors:
Retirement Living Standards - Pensions and Lifetime Savings Association