State Pension fails to support basic living standards

Sunak must undo damage caused by his Triple Lock betrayal

The SNP has called on the UK government to fix the missing finances of millions of pensioners, following a damning new report which revealed the UK Government's state pension is failing to support the minimum standard of living.

The Pensions and Lifetime Savings Association have today (Thursday, 12 January) published its annual retirement living standard report, which shows the income required to maintain a basic standard of living has massively outstripped the rise in the State Pension.

To date, the minimum income now sits at £12,800 while the State Pension will rise to £10,600 for those on the full flat rate.

As a consequence of Rishi Sunak's decision as Chancellor to suspend the pensions triple lock for one year, the State Pension is £520 a year less than it would have been.

The SNP's Social Justice spokesperson, David Linden MP, has warned a failure to fix the shortfall in the State Pension will have "devastating consequences" for millions of pensioners across the UK.

Commenting, David Linden MP said:

"In 2014, people in Scotland were warned that their pensions would be at risk if Scotland didn't remain part of the UK. Today, their State Pension doesn't even support the minimum standard of living.

"That is a direct consequence of continued Westminster control, and 12 years of austerity-driven Tory policies.

"As we continue to tackle a Tory-made cost of living crisis, it is crucial that Rishi Sunak fixes this mess of his own making by restoring pensions to at least the level they would have been, had he not broken his party's triple lock manifesto promise.

"A failure to do so will have devastating consequences for millions of pensioners across these islands.

"However, there can be no doubt that the only way to permanently protect Scotland's pensioners is to become an independent country and rid ourselves of callous Tory policies for good."

External links

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.