Campaigners yesterday launched a last ditch bid to save the pension triple lock.
Pensioner groups have warned of retirement poverty for millions as ministers plan to suspend the measure. The proposals are to be debated by MPs today.
But the TUC, National Union of Students and National Pensioners Convention are calling for the Government to rethink the plans, with pensioner poverty soaring.
A statement from the three groups, which represent millions of workers, pensioners and students, said: “For pensioners, it means a smaller than expected increase to their income next year.
“And for students and young workers, it will lead to lower state pensions when they retire.
“In spite of efforts to turn this into a divisive issue between old and young, our members know the importance of the ties that bind the generations.
“Students want their grandparents to have dignity in retirement while working mums and dads want the best for their own parents.
“Even after 10 years of the triple lock, the UK state pension is lower than in most comparable countries.”
The triple lock is a guarantee that state pensions will be increased each year in line with either earnings growth, price inflation or by 2.5 per cent, whichever is highest.
In its 2019 election manifesto, the Conservative Party said it would keep the triple lock in place for the duration of this Parliament.
But, with pay growth running at more than eight per cent due to a distortion caused by the pandemic, the
Government has removed the wage link this year.
The old basic state pension pays £137.60 a week to those who retired before April 6, 2016. The full new amount is £179.60 per week.
The three groups said if the triple lock had stayed, it would have delivered a £11.42 a week increase.
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