‘It’s getting worse!’ State pension rise fails to beat inflation – 200,000 impoverished

Pensioner calls for his state pension to be 'unfrozen'

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

This comes as research carried out by the Centre for Ageing Better found that 200,000 pensioners were pushed into poverty last year. On April 11, 2022, the state pension will increase by 3.1 percent. This is in line with the Consumer Price Index (CPI) rate of inflation in September 2021. However, if the triple lock pledge had remained in place, pensioners would have seen their retirement pots receive an eighth boost if pensions had risen with average earnings growth.

Since September, inflation has risen to 6.2 percent which has put further pressure on households in light of the cost of living crisis.

With this most recent inflation hike, experts are warning that more needs to be done to support older people in the months and years ahead.

Notably, the Centre for Ageing Better recognised trends which are likely to detrimentally impact the livelihoods of pensioners going forward in the UK.

These include rising numbers of older people living alone, with 1.3 million more people aged 45 and over living alone in 2020 than in 2000.

Furthermore, the number of people aged over 55 privately renting homes hit an all-time high of 867,000.

Carole Easton, the chief executive at the Centre for Ageing Better, outlined what is at stake for many older people across the country.

Ms Easton said: “Ageing is not exclusive to older people. We are all ageing, all the time. We all have that in common. But what is not shared is how we’ll age, and where we’ll end up in our older age.

“It’s clearer than ever that ageing in England is not a level playing field – and it’s getting worse. Inequalities within older generations are some of the most extreme in society today.


“We’re seeing shocking gulfs in disability-free life expectancy, with differences of up to 17 years in the time we spend in good health without a disabling illness.

“It’s abundantly clear that not enough is being done to support everyone to age well. The government cannot shy away from this. With an ageing population, these problems are becoming more and more urgent.

“The government must show that they are serious about supporting everyone to have a decent old age by committing to a long-term strategy and by developing the legislation to create an Older People’s Commissioner as soon as possible.”

Last year, the government decided to temporarily suspend the triple lock on state pension payments in a bid to save money following the pandemic.

However, pensioners are now at a disadvantage to deal with the cost of living crisis as inflation hits a 30-year high and energy bills soar by £693 annually.

A recent survey carried out by Nerdwallet found that over a third of Britons are less trustful of the government’s pension policy after the suspension to the triple lock.

Richard Eagling, a senior pensions expert at NerdWallet, outlined why pensioners are concerned about the rise in the cost of living.

Mr Eagling explained: “The state pension triple lock is not just an issue for those in retirement, its future will have implications for the generations to follow.

“The news that the government has pledged to honour the triple lock for the rest of this parliament will offer some reassurance.

“But the fact remains that the smaller increase to the state pension this year will do little to offset the cost of living crisis that many retirees face.

“An extra 200,000 people of pension age fell into relative poverty last year, and with this year’s state pension increase significantly lower than inflation, we can expect this situation to deteriorate further.”

Express.co.uk has approached the DWP for comment.

Source: Read Full Article