Triple lock pension betrayal exposed: Areas suffering the most from suspension – MAPPED

Budget 2021: Money Box caller questions absence of pensions

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Last month the Government announced its intention to scrap the mechanism used to determine the monthly payments for the 2022-23 financial year. The triple lock is written into law and the Conservatives pledged to stick by the system in the 2019 general election.

It sees pensions rise each year in line with average earnings, inflation, or 2.5 percent.

With millions returning to work after being on the furlough scheme, average earnings were set to rise as much as nine percent this year.

Pensions Secretary Therese Coffey said the “statistical anomaly” meant it was necessary for the Government to pause the triple lock for next year and instead only apply the other two measures.

Pensions will rise by 3.1 percent, based on the inflation figure for September 2021.

Now, fresh analysis from the Liberal Democrats using data from the House of Commons library has exposed which areas of the country will be worst impacted by the change in the payment mechanism.

Financial markets expect inflation to peak at six percent in April 2022 when the new 3.1 percent state pension payment increase comes into effect.

Once the current cost of living crisis and soaring energy bills are taken into account it means pensioners are set to be £208 a year worse off each.

The constituency of the Isle of Wight will be the worst hit, assuming all pensioners receive the full Basic State Pension.

The 38,158 pensioners will in total miss out on £7,936,864.

Bexhill and Battle is the second constituency most impacted with 30,043 pensioners having lost £6,248,944.

Louth and Horncastle’s 29,605 pensioners will be hit by £6,157,840 due to the triple lock suspension.

In fourth place, West Dorset’s 29,573 claimants will collectively be worse off by £6,151,184.

Suffolk Coastal is the fifth worst-hit constituency in the UK, with 28,973 to lose £6,026,384.

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Christchurch, East Devon and Chichester complete the list of the top eight places hardest hit by the triple lock suspension, missing out on £6,017,856, £6,011,824, and £5,917,808 respectively.

Following the Budget on Wednesday, the Lib Dems have criticised the Chancellor for failing to announce anything to help them with the cost of living crisis.

Treasury spokeswoman Christine Jardine MP said: “This was an out-of-touch, measly budget which offered absolutely nothing for pensioners.

“There was no fair deal for state pensioners, as the Lib Dems have been calling for, and instead pensioners have been left to fend for themselves against rising energy and gas costs.

“Rishi Sunak appeared more interested in giving bankers a tax break than making sure older people can keep the heating on this winter.

“He won’t be forgiven for this failure to support some of the most vulnerable in society.”

The Department for Work and Pensions has said it remains committed to the triple lock.

It says the mechanism will be reimposed from next year.

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