'We are very surprised the Opposition has not come out in favour of the triple lock'

UK LAGS BEHIND WITH 'VERY LOW' STATE PENSION

- Sam Lister

BRITISH pensioners are less well off than many older people in other wealthy countries, a former minister has warned.

The UK lags well behind similar nations when it comes to the amount spent on payments to retirees.

Research last year ranked Britain 28th for spending compared with national income, with all other EU countries higher apart from Ireland.

Greece topped the chart, followed by France and Italy.

Pensioner poverty, classed as having an income less than half the national average, was the 12th highest out of 35 nation members of the Organisation for Economic Co-operation and Development.

The rate was worse than Hungary, Slovenia and Poland, which all spent more than the UK. A full new state pension is worth £204 a week, around £10,600 annually, while the old basic rate is £156 a week or £8,122 a year.

Sir Steve Webb, who was pensions minister in the Coalition Government of David Cameron and now a partner at consultants LCP, said: "Despite being a relatively wealthy country, the UK still pays a very low state pension.

"Even allowing for private provision, British pensioners are not well off on average compared with their counterparts in other countries.

"The job of improving the state pension is very much 'work in progress' rather than a 'job done'.

"Which is why the triple lock needs to continue."

Both sets of figures were included in a House of Commons Library report last year based on the latest available information that predated the pandemic.

SIR Keir Starmer has been warned older voters will not forgive him if he sits on the fence over the triple lock.