Reported plans to scrap the pensions “triple-lock”
“Reported, June 16 would break a Conservative manifesto pledge, recently reaffirmed by Boris Johnson, and breach the trust of the UK’s 12m over-65s. While the books may need to be balanced, any cuts must be fair.
“The UK state pension is the lowest relative to earnings of 36 leading industrialised countries. As we enter a recession, taking away the triple lock will leave millions of pensioners poorer.
“The chancellor must resist any pressure to tamper with the lock, and instead look for innovative solutions that get the economy moving, without punishing our oldest generations”.
Signed by Lisa Ray General Secretary, Civil Service Pensioners’ Alliance; Steve Edwards CEO, National Association of Retired Police Officers; Eamonn Donaghy CEO, National Federation of Occupational Pensioners.
This year Civil Service Pensions will rise by 1.7%. Since February, earnings have been falling, the latest official figures show, and the government’s budget watchdog forecasts they will collapse by 7.2 per cent this year before rebounding 18 per cent in 2021. That would mean the basic state pension would have to also rise by 18 per cent next year if the triple lock is maintained, costing the government billions of pounds at a time when public finances are already stretched.
The BBC is expected to grant a second reprieve to pensioners by delaying the scrapping of free TV licences for those aged 75 or over until at least October.
The move, which would create a further £80m hole in the corporation’s finances, will be discussed at a board meeting next month, but senior BBC figures have privately signalled the intention to postpone the unpopular change by a further two months.
Millions of pensioners received letters this year telling them they must start paying the £157.50 fee from June 1, but this was delayed until August because of the coronavirus pandemic. The concession is set to become means-tested and only about 1m over-75s who receive pension credit will be entitled to a free licence.
When will the overpaid overmanned BBC cut its staff and salaries to reality levels that the public might understand?