logo Member of Parliament for Glasgow East

Press release: Chancellor ramps up Tory threat to pensions triple lock

Published on

Analysis finds uk pension falling behind European neighbours

The SNP has warned the Tory government against betraying pensioners across the UK by scrapping the triple lock on pensions and breaking yet another manifesto commitment.

It comes after the Chancellor Rishi Sunak today refused to rule out scrapping the triple lock, stating that there were "concerns" over going ahead with the planned rise in state pensions.

The UK already has one of the lowest state pensions in the developed world - both in absolute terms and also by comparison to average earnings. It also spends less on pensions, as a proportion of GDP, than the majority of OECD countries.

Separately, new research revealed that UK pensions are the least generous of every country in North West Europe in comparison to the average wage - with House of Commons Library analysis showing that UK pensioners receive around a quarter (28%) of the average working wage when they retire. In stark contrast, pensioners in Luxembourg and Austria receive 90% of the average working wage.

Commenting, SNP Shadow Work and Pensions spokesperson David Linden MP said:

"The Chancellor's comments that the triple lock on pensions could be scrapped is deeply worrying and will mark yet another broken Tory manifesto pledge.

"The grim reality is that after a decade of Tory austerity cuts, millions of older people are now living in poverty and the UK has one of the worst state pensions in the developed world.

"Recent research has already revealed that the UK is falling behind our European neighbours - with UK pensions the least generous of every country in North West Europe in comparison to the average wage.

"With each day that passes it's becoming clearer that the Tory government has absolutely no intention of looking to secure a proper recovery from the health crisis and protecting people's incomes.

"Scotland is vulnerable under Westminster control. It's beyond doubt that independence is the only way to keep Scotland safe from Tory cuts, and to protect and boost the incomes of pensioners.

"Only with the full powers of independence will we be able to secure a fair recovery from the pandemic and build a more equal society."


press releases dwp

External links

From dailyrecord.co.uk
Rise in state pension by 8% could be scrapped as Rishi Sunak says it may not be 'fair'

Disclaimer: The above links may lead to external websites and the inclusion of such links does not imply endorsement of the content. Although I make every effort to ensure these links are accurate, up to date and relevant, I cannot take responsibility for the content of pages maintained by third parties.