A newly launched petition is calling on the UK Government to increase the old and new State Pensions by £500 a year to help older people cope with the cost of living crisis following the temporary removal of the triple lock guarantee for the 2022/23 financial year.
The online petition, “Increase the basic State Pensions by £500 a year as an emergency measure,” was created last month by Dennis Reed and has received more than 12,331 signatures of support.
This means, in accordance with the guidelines on the petition.parliament website, it has now reached and surpassed the 10,000 signatory threshold needed for the UK Government to officially respond.
The petition states: “Both old and new State Pensions to be increased by £500 pa [per annum] as an emergency measure to compensate for the suspension of the triple lock and to help pensioners cope with the cost-of-living crisis, including increases in energy and food prices.”
Mr Reed, posting the petition on behalf of Silver Voices, a non-profit making and non-party political web-based organisation, also suggests that this payment should be “consolidated into future pension rates”.
He continues: “The suspension of the triple lock was agreed by Parliament before the full impact of the energy crisis on prices was known.
“Silver Voices estimates that the 3.1% increase in pensions due in April will be about half the prevailing rate of inflation then.
“A lump sum increase of £500 pa would cover the losses to pensioners caused by the triple lock suspension and help ensure millions of older people don't have to choose between eating and heating this winter.”
Silver Voices is a web-based membership organisation for the over sixties who want a platform for campaigning on current issues, enabling their views to be channelled to the political parties and so influence national and local policies.
What is the change to the triple lock guarantee?
In September, the UK Government confirmed that the triple lock guarantee rule used to determine State Pension increases for the next financial year would be temporarily suspended following the removal of the earnings growth element.
This effectively created a ‘double lock’ with the annual rise from April based on the greater of either annual inflation or 2.5%.
The September inflation rate of 3.1 per cent is the figure used to calculate pension rises for the following tax year.
The upcoming increase means that the basic State Pension will rise to £141.85 per week from £137.60 and the full new State Pension will go up to £185.15 from £179.60.
This is almost £500 less over the year than was predicted before the triple lock rule was amended.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “This triple lock has been in place for a decade and has played a role in boosting the State Pension, but the current situation has exposed its flaws.
“If it can be frozen and tweaked now, then it can be done so in the future. The time has come to take a wider ranging look at the State Pension and the triple lock’s role within it.”
View the petition on the petition.parliament website here.
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