More than two million older people are living in poverty and rely on the State Pension.
A charity is calling for a cross-party review of the State Pension Triple Lock to give “long-term assurance” to people planning for retirement. Independent Age proposed the review after mounting speculation followed the latest publication of one of the key measures of the Triple Lock, which looks set to determine State Pension uprating next April for 12.6 million pensioners.
The full, New State Pension is currently £203.85 per week. Uprating using the lower wages growth figure would see people receive £219.75 each week, while under the 8.5 per cent figure it would be £221.20. Commenting on the earnings figure and uncertainty around the State Pension uprating, John Palmer Director of Influencing and Engagement at Independent Age, said: “The earning figures will be significant for the millions of older people facing financial hardship who rely on their State Pension for most or even all of their income.
“Increasing the State Pension also aids future generations, scrapping it would increase the amount working aged people need to save to avoid poverty when they enter retirement.”
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