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Pension guarantee gives security
11:40am Monday 14th July 2014 in Your Views
I was pleased to see last week that Lib Dem pensions minister Steve Webb had announced that one of the biggest changes in the state pensions scheme in recent history was to be written into law.
There was outrage back in 2000, when pensioners got an insulting 75p rise from the Labour government.
Pensioners rightly felt cheated by a system that didn’t make having a pension worthwhile.
That’s why in 2010, the Liberal Democrat manifesto had a policy called the ‘triple lock guarantee’.
It was demanded it became part of the coalition agreement and in government the Lib Dems have changed the system for the better.
This means that pensioners in Waltham Forest are guaranteed an annual rise by either earnings growth, prices growth, or 2.5 per cent – whichever is highest.
The state pension is £440 higher per year in 2014 to 2015 than if it had increased in line with earnings from the start of this parliament, benefiting the 25,500 pensioners in Waltham Forest, all thanks to the Liberal Democrat triple lock.
Writing this Lib Dem policy into law will offer dignity and stability to current pensioners, as well as those coming up to retirement.
They will be able to better plan their futures knowing that they’ll no longer be faced with the fear that the cost of living might overtake their pensions increases.
Jamie Cook, Erskine Road, Walthamstow.