Pensioners will benefit from a 2.5 per cent increase in their state pension next year thanks to the Liberal Democrats’ Triple Lock guarantee. Southport MP John Pugh has welcomed the news that figures out today (14 October) show that annual inflation is below target which means that the basic state pension will be boosted by 2.5 per cent next year.
The Triple Lock guarantee, introduced thanks to the Liberal Democrats in Government, means that pensions are increased by either price inflation, earnings inflation or 2.5 per cent – whichever is highest – every year. The most that a state pensioner can currently get is £113.10 per week, so this should now rise by £2.83 to £115.93.
Commenting on the low inflation figures, John Pugh said:
“This is good news for pensioners who will see a 2.5% increase in their pension. The Triple Lock is something which I campaigned for and pressed ministers to introduce and I am pleased that Lib Dems have been able to deliver this in government. When I speak to residents, they do worry about a sustainable pension system, but more importantly having a pension which they can live on. Our Triple Lock means that basic state pensions rise in real terms over the years. This helps deliver the security and dignity people deserve in retirement.”
“Concern for pensioners is right at the heart of our Liberal Democrat vision of a stronger economy and a fairer society. Pensioners will remember that left to themselves previously, the Conservatives broke the link between pensions and earnings in the Thatcher years, and the disgraceful time under Labour when pensioners were insulted with rises as low as 75p.”