The UK state pension has been labeled the “worst in the developed world” as retirees “spiral into poverty.”

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The UK state pension has been dubbed the “worst in the developed world” as retirees “spiral into poverty.”

The UK state pension has been dubbed the “worst in the developed world” as pensioners “spiral into poverty.”

According to a leading pensions campaign group, UK retirees have the “worst state pension in the developed world.”

Changes to the way the state pension is increased have disappointed British retirees in recent months.

As a result, pensions campaign groups, as well as concerns about the cost of living in the UK, have expressed their dissatisfaction and anger.

The triple lock, according to Silver Voices’ Dennis Reed, will be disastrous for retirees if it is lifted as planned.

“For the older generations, 2022 will be a make-or-break year,” he told this website.

“Millions of people will face a cost-of-living crisis as a result of rising energy and fuel prices if the government refuses to reconsider its decision to suspend the triple lock on state pensions.”

One of the most serious of these problems is the rising rate of inflation, which has accelerated in recent months.

The trend has continued following the announcement of an increase in the state pension this year.

Retirees will receive a 3.1 percent increase beginning in April, in line with inflation for the year ending September 2021, following a temporary suspension of the triple lock.

Inflation has since risen to 5.1 percent, raising fears of further rises.

If this happens, high inflation rates could render the state pension increase ineffective.

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Reed is particularly concerned that the April 3.1 percent increase will be “roughly half the current rate of inflation at the time,” as he puts it.

“Our state pension is already the worst in the developed world,” he went on, “and this drop in living standards will push thousands into poverty.”

Mr. Reed also brought up the stark disparity in state pension rates depending on whether one is subject to the old or new rules.

The full new state pension is worth £179.60, whereas the basic state pension is only worth £137.60 for those who turned 65 before April 6, 2016.

Mr Reed stated, “Our pension system has many inequities and anomalies.”

“The pension disparity between those who retired prior to 2016 and those who retired after 2016.”

“Brinkwire Breaking News in a Nutshell.”

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