Over 31,000 pensioners in Renfrewshire impacted by scrapping of Pension Triple Lock

“Updated information from the House of Commons Library reveals that almost 1 million Scots pensioners, including over 31,000 pensioners in Renfrewshire, will be directly impacted by the Tories decision to scrap the Pension Triple lock”, said Cllr Kenny MacLaren (SNP – Paisley Northwest).  This information follows a council motion by Cllrs Kenny and Mags MacLaren condemning the UK Tory Government for scrapping the Pension Triple Lock.

The Pensions Triple Lock – which guarantees that pensions grow in line with whichever is the highest out of earnings, inflation or 2.5% – would have meant the state pension rising by 8% but the Tories decided that was too much and have cut it back to around 3%, saving the Government around £5billion. 

The House of Commons Library research concluded 985,065 pensioners in Scotland have been directly impacted by the cut – which will see them lose £520 in 2022, and a cumulative £2,600 over the next five years.  For the two UK Parliamentary constituencies in Renfrewshire this works out as:

Paisley & Renfrewshire North: 16,922 pensioners (9,423 female/ 7,500 male)

Paisley & Renfrewshire South: 14,741 pensioners (8,271 female/ 6,474 male)

who will be impacted by the scrapping of the Pension Triple Lock.

The UK government’s Households Below Average Income (HBAI) statistics show that UK pension poverty had risen to a 15 year high under Tory rule – with 2.1million UK pensioners (18%) now living in poverty after housing costs, an increase of 200,00 on 2018/2019.  Furthermore, separate analysis from the House of Commons Library, conducted in June, revealed that UK pensions are the least generous in northwest Europe by comparison to the average wage.

Cllr Kenny MacLaren added:

“At the council meeting we warned of the impact that scrapping the Pension Triple Lock would have on pensioners – we now know this could impact on over 31,000 pensioners in Renfrewshire.

Cllr Kenny MacLaren

“For as long as Scotland gets Tory Governments we don’t vote for, Scotland’s pensioners will continue to see their incomes slashed. Under Westminster control, UK pensioners already have the least generous pensions in north west Europe – and things are only getting worse.

“In addition, the current UK Government is consulting on bringing forward their planned increase to state pension age to 68 by seven years impacting on anyone born before 1976.

“Put simply, the Tories have dipped into the pockets and purses of pensioners to save some money which no doubt will end up in the accounts of their supporters via the same dodgy contracts they used to hive off public money through the Covid crisis.”

Cllr Mags MacLaren said:

“After a decade of Tory austerity, millions of pensioners across Scotland currently find themselves living in poverty, but we don’t need to settle for this.

“With the full powers of independence, we can protect Scotland’s pensioners, eradicate poverty, and finally begin to build a more progressive nation.

Cllr Mags MacLaren

“Suspending the Pension Triple Lock is still a breach of a Tory Manifesto Promise, once they’ve broken that link who really expects them to re-introduce it.  So far Boris Johnson has made 33 U-turns in his two years in power, so why not perform one more and provide some comfort for pensioners facing massive food and fuel price rises?”

The latest State Pension statistics can be found on GOV.UK (this excludes cases administered in Northern Ireland). As of May 2021, there were 12,408,799 people receiving the State Pension in Great Britain and abroad (excluding Northern Ireland). In Great Britain only there were 11,260,859 people receiving the State Pension, of which 985,065 were in Scotland.

Budget: Pensioners to lose £2,600 as triple lock halted for year

UK state pension ‘falling behind’ neighbouring countries, warns SNP

Households below average income (HBAI) statistics