‘After 50 years, you expect a decent pension!’ – Britons slam ‘miserly’ state pension rise

Budget 2021: Experts outline state pension changes

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The temporary suspension of the triple lock mechanism means the state pension won’t rise by eight percent as it would have done, but rather, 3.1 percent. Missing out on this historic increase, pensioners are criticising the rise, accusing the Government of disposing of their triple lock mechanism when it simply no longer suited them.

Pensioners and those approaching retirement age were dismally disappointed with this announcement, on top of feeling like they were almost entirely left out of Chancellor Rishi Sunak’s Budget.

Express.co.uk readers have shared their thoughts on the matter, with one person, Stephen Harrison, writing: “Put the triple lock back and we want the whole 8.8 percent increase or the 11 percent that the corrupt politicians gave themselves.”

The majority of reactions have been critical of the Conservative Government going back on their mandate when it no longer suited their financial goals.

Reader, Tommy J, penned: “Don’t worry come election time we will not forget who robbed us, lied and gone back on a manifesto pledge.”

A commentator with the username Ghostdad noted the inconsistency of providing such a small income for those in need while opening benefits for those with sizeable salaries.

“Rishi giving the money he has robbed from pensioners to people earning £50,000 a year by letting them claim benefits.

“I bet all tax payers think their taxes are going to a worthy cause. Lets hope Reform damages their election chances.”

Razorage added sarcastically: “Wow £4.27 can’t wait to book my Boris Johnson style holiday and have my flat refurbed. No, well I better spend it on the increased rates and the four percent inflationary cost. Another winter of juggling food with heat.”

Bazwardos also noted that the UK is rather low in pension rankings when compared to the rest of Europe, also criticising the wealth inequality due to salary increases.

“When you put in 50 years of contributions you expect a decent pension at the end of it, not the miserly amount we get in comparison with those in Europe.

“We don’t even get the equivalent of a living wage, yet politicians continue to get unrealistic wage increases for consistently robbing pensioners and making a complete hash of running the country properly and fairly.

“I’d love to see Boris and the like trying to budget their lives based on what a pensioner currently receives in this not so great nation of ours,” he concluded.

The temporary suspension of the triple lock has been said to be due to the abnormal wage increases due to the pandemic.

Replaced temporarily by the double lock mechanism, pensioners lost out on the guarantee of their state pension being raised to match the highest between inflation, wage increases or 2.5 percent.

Hopes for what would have been a guaranteed eight percent rise to match increased wages during the pandemic were dashed when double lock was implemented, with the Government assuring this would be for one-year only.

The double lock promises to match state pension to the highest between inflation or 2.5 percent.

The Bank of England also predicted a four percent inflation rate earlier this year, but the figure which is used for the state pension increases came in at 3.1 percent.

The full new state pension, currently around £179.60 per week, will rise by £5.57 to a new £185.17 per week.

This will result in pensioners receiving an extra £289.64 every year and see their income rise from £9,339.20 to £9,628.84 for the full 12 months.

The full basic state pension will see a weekly rise of £4.27, going from £137.60 to £141.87.

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