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Saturday, February 24, 2024

Pensioners Losing £500 Per Year Due to Triple Lock Suspension

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The SNP has said independence is the only way to protect Scotland’s pensioners – as new analysis reveals pensioners are losing nearly £500 per year due to the UK government’s suspension of the triple lock.

House of Commons Library research concluded that the full rate for the New State Pension is currently £185.15 per week.

However, if pensions had instead been uprated in line with earnings, it would amount to £194.50 per week – equating to a loss of £9.35 per week, or £488 per year.

It follows separate analysis – again from the House of Commons Library, conducted in June, which revealed that UK pensions are the least generous in north west Europe by comparison to the average wage.

Commenting, the SNP’s Work and Pensions spokesperson, Kirsty Blackman MP, said:

“This latest analysis from the House of Commons Library confirms one thing – only independence can protect Scotland’s pensioners from this toxic Westminster system.

“To date, under Westminster rule, UK pensioners have the least generous pensions in north west Europe by comparison to the average wage – and this analysis shows things are only getting worse.

“At a time when households across the four nations are choosing between heating their homes and eating, pensioners having £500 removed from their pocket is cruel and callous.

“After a decade of Tory austerity, and multiple decades of Scotland being governed by parties they did not vote for, it is time for change.

“With the full powers of independence, we can protect Scotland’s pensioners, eradicate poverty, and finally build the progressive country we long to see.”

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