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Later Life Ambitions responds to the Government’s state pension ‘Triple Lock’ announcement

Later Life Ambitions responds to the Government’s state pension ‘Triple Lock’ announcement

Later Life Ambitions expressed their condemnation of the Government’s announcement to suspend the state pension ‘Triple Lock’.

Removing the triple lock will have a devastating impact on our pensioners. The triple lock was introduced to address the long-term decline in the value of the state pension relative to earnings. Unfortunately, this is still necessary as the UK has the lowest state pension relative to earnings across 36 industrialized countries, according to the OECD study in 2017, which means that an increase of 8.8% is still relatively small in cash terms.

It is expected that removing the triple lock would push 700,000 pensioners into poverty and the removal would disproportionately impact women, who may be more reliant on the state pension after stopping work to care for children. Tax changes and benefit removals are never temporary. Suspending the triple lock this year will leave it vulnerable to more permanent detrimental changes in the future, including its potential removal completely.

With the cost of living soaring, we cannot return to a time where pensioners are struggling to make ends meet. Removing the triple lock will wreck older people’s financial planning and reduce their independence. It will squeeze pensioners’ pockets leaving many to make difficult and heart-breaking decisions due to financial strain, such as whether or not to travel to visit family or pay for vehicles which may support their independence later in life. After giving so much to society, our older people deserve to live their later lives in financial security.

Responding to the announcement, Eamonn Donaghy, Chief Executive of the National Federation of Occupational Pensioners and Partner of LLA, said:

“Removing the triple lock would be a permanent reaction to a temporary problem and unfairly places the burden of paying for the pandemic on our older population. We do not believe that any one age group should be responsible for paying for the cost of the pandemic. This unprecedented crisis has impacted everyone and we should work together to recover from it.

We recognise that COVID-19 has put significant pressure on Government spending but removing the triple lock will prevent a sustainable and fair recovery and will risk reversing many of the strides made towards reducing pensioner poverty by successive governments.”