As retirees struggle, the WASPI’recommend the Lords’ for their triple lock vote on state pensions.
The House of Lords recently voted to keep triple lock rules in place rather than reduce their generosity, which was a setback for RISHI SUNAK and the wider Government.
The WASPI campaign applauded the move and urged the government to address the ongoing state pension crisis.
The triple lock protects state pension increases in most cases, but the government recently changed the rules to limit payment increases.
The House of Lords backed a cross-party move to keep the link between average earnings and payments, voting 220 to 178 in favor of the changes.
This news was welcomed by the WASPI campaign, especially by 1950s women who had already seen a number of changes to their state pension arrangements.
“WASPI women who were born in the 1950s and saw two increases in their state pension age without adequate notice will be rightfully alarmed by any proposal to change the triple lock,” a WASPI spokesperson told this website.
These are women who are already suffering from the fact that they will have a much smaller pension ‘pot’ than men when they retire, and who have been severely impacted by the pandemic, which has resulted in the loss of jobs and the closure of many of the industries in which they work.
“On top of that, the UK’s state pension is the lowest in the developed world.”
Many women are completely reliant on their state pension to fund their retirement.
“All of these factors make it easy for our generation of women to see themselves as a target for recouping money from the government.”
We’ve already suffered significant losses.
We applaud the Lords’ decision and urge the government to take action to address the issue of women’s state pensions depreciating in value.”
“We have carefully considered the fairest approach for both pensioners and younger taxpayers – our legislation strikes that balance while also ensuring pensioner incomes receive a significant boost,” a government spokesperson previously told This website.
“This is a one-year response to unforeseen circumstances, and we intend to reinstate the Triple Lock’s earnings component next year.”
Becky O’Connor, interactive investor’s Head of Pensions and Savings, discussed the significance of the vote and what might happen next.
“Millions of people who rely on the state pension have been given a sliver of hope,” she said.
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