Later Life Ambitions has once again expressed its support for the Triple Lock pension protections following the defeat of the Government’s proposed one-year pause to the policy.
Lisa Ray, General Secretary of the Civil Service Pensioner’s Alliance and one of the founding partners of LLA has said:
“We are glad to see that the House of Lords has rejected the House of Commons’ decision to suspend the triple lock pension protections for one year. 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 an OECD study from 2017. Suspending the triple lock opens up the possibility of more long-term changes or the potential removal completely.
It is important that the Government continue to protect older people, especially considering the cost of living is currently soaring. We cannot return to a time when pensioners are struggling to make ends meet. Protecting the triple lock was a manifesto commitment from the Government and it should be continued to be honoured, regardless of the impact that the pandemic has had on wages.”