Local MP Jo Swinson has welcomed the news that the basic State Pension is set to rise by around double the rate of inflation, helping to give people increased financial security and peace of mind in retirement.
Thanks to the Liberal Democrats’ ‘triple lock’ policy, all pensioners are to see a 2.5% increase from April next year, with 20,500 in East Dunbartonshire set to benefit. This will take the weekly payment up to £115.95, an increase of £2.85 per week.
This measure will help pensioners on lower incomes by pushing the guarantee up to £151.20 for single people from April 2015.
“Local pensioners deserve a decent income in retirement, and this policy is central to the Liberal Democrat vision of a fair society.
“The ‘triple lock’ ensures that pensioners are guaranteed the security of a steady rise in their pensions, so local pensioners are never again subjected to the indignity of the 75p rise they saw under Labour."
“I am delighted that 20,500 pensioners in East Dunbartonshire who have worked hard all their life will now be better able to plan their future.”
Pensions Minister Steve Webb MP said:
“The ‘triple lock’ is one of the defining policies of this government – a policy which rewards those who have worked hard and saved hard throughout their lives.
“Thanks to the ‘triple lock’, in this Parliament the basic State Pension will be £560 per year more than if it had been just uprated by earnings. It’s also the reason why the basic State Pension is now at its highest relative to average earnings that at any time since 1992.”