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Pensioner poverty will soar without action to protect them, TUC warns

PENSIONER poverty will soar unless the government honours its 2019 election pledge to protect the income of Britain’s 11 million retired workers, the TUC is warning today.

And Britain’s biggest pensioners’ group said more pensioners will join the 2.1 million already living in poverty.

The TUC called on Chancellor Rishi Sunak to restore the “triple-lock” pensions guarantee which ties annual state pensions increases to either inflation, average earnings or 2.5 per cent — whichever is the highest.

Inflation is expected to be 8 per cent next month — but pensions will rise by only 3.1 per cent.

TUC analysis shows that pensioners will lose £500 a year because the government betrayed its election pledge.

The union federation is challenging the government to honour its pensions guarantee, as well as introduce a windfall tax on energy companies to help poor families when Chancellor Rishi Sunak announces his Spring Budget next week.

TUC general secretary Frances O’Grady said: “The UK has one of the least generous state pensions in the developed world.

“The triple lock was introduced to close this gap and lift pensioners out of poverty.

“Abandoning it in the middle of a cost-of-living crisis will leave thousands of pensioners struggling to keep their heads above water.

“With households across Britain pushed to the brink by skyrocketing bills, this is the worst time for the government to be cutting pensioners’ incomes.”

“The Chancellor’s spring statement is the government’s last chance to reverse its broken promise on the triple lock.”

National Pensioners Convention general secretary Jan Shortt said: “There are currently 2.1 million pensioners living in poverty.

“The NPC forecasts that this will rise over this year due to the increases in energy costs in April and October.

“The Chancellor should take the opportunity to reinstate the triple lock in total in recognition of the crisis his government has created for pensioners.”

Meanwhile, the government’s National Audit Office reveals today that British Steel pensioners have lost £18 million as a result of transferring their pensions to other funds based on unsound advice.

Commons public accounts committee chairwoman Meg Hillier said: “The bottom line is that many pension members have been left out of pocket and seen the rewards for their years of hard work melt away.”

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