Later Life Ambitions (LLA) welcomes the Chancellor’s assurances in the Spending Review today that the pensions triple lock will be protected for another year. Whilst difficult decisions have undoubtedly had to be made to protect the UK’s economy, LLA is calling on the Government to provide long-term certainty to pensioners that the triple lock will continue.
The UK state pension remains the lowest relative to earnings of 36 leading industrialised countries (OECD Report 2017) and represents a smaller percentage of GDP compared to other countries (House of Commons Library, July 2019). As we enter a period of recession, earnings and inflation will be low for some time, and the potential loss of the 2.5% floor will leave millions of pensioners poorer.
Later Life Ambitions stands in solidarity with younger people who have been disproportionately affected by job losses and unemployment. For older people, the pandemic has been a period of financial hardship and isolation. It is clear that more needs to be done to protect both the young and older generations, who are too often overlooked. Later Life Ambitions will continue to campaign on behalf of its members to ensure that their voices are heard and reflected in Government policy.
Chief Executive of the National Federation of Occupational Pensions and Later Life Ambitions partner, Eamonn Donaghy said:
“COVID-19 has undoubtedly been a difficult period for the entire country and tough decisions have to be made, but older people should not suffer as a result. The UK state pension remains the lowest relative to earnings of 36 leading industrialised countries and successive Governments have failed to tackle pensioner poverty. We are calling for reassurance that the triple lock will be protected, both now and in the future.”