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Thursday, September 16, 2021

Pensioners to miss out on £13,000 after triple lock suspension

The state pension is worth £9,350 to those who retired after 2016 with 35 years National Insurance contributions. An 8.3pc increased would have pushed this to £10,126 in April 2022. A 2.5pc increase will make the pension £9,584. The difference between the two accumulates to a £12,986 over 19 years, Telegraph analysis showed.

“Many would think it unfair for pensioners to receive a big increase while a number of workers are still struggling with the fallout of the pandemic,” Ms Morrissey added. 

The ONS also published data that stripped out the impact of the pandemic, although that still gave an earnings growth rate of between 3.6pc and 5.1pc.

“5.1pc would still represent a distortion from the pandemic,” Ms Morrissey added. “The government would have been accused of being unfair to younger generations.” 

Ian Browne of wealth manager Quilter said the data proved that the suspension of the triple lock was the right thing to do. “Billions would have been spent on the pension increase during an already difficult year for public spending,” he said. 

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