Many pensioners are struggling with the cost-of-living increases, aggravated further by seemingly endless cuts to public services. Working members of Unison can negotiate pay increases; pensioners, however, have to rely on the government honouring the triple lock protection.
The triple lock was introduced by the Conservative/Liberal Democrat coalition in 2010. It was designed to ensure that the value of the state pension was not overtaken by the increase in the cost of living or the working population’s income. The triple lock was temporarily suspended after the Covid pandemic distorted average wage figures but has since been restored.
Under the TLP system, the state pension increases each April in line with whichever of three measures is highest.
1 Inflation as measured by the Consumer Prices Index in September of the previous year,
2 The average increase in wages across the UK
3 Or 2.5%
Proportionately and as a percentage of the average wage, our state pension is one of the lowest in the world. As a result, this regular increase in pension is important and is not something that should be interfered with at the whim of government. Currently the Lib Dems are the only party to state their intention to honour the protection. The Labour Party makes sympathetic noises but has not committed its support, and the Conservatives, with much media support, continue their fatuous rumblings about inter-generational fairness and leak stories to the media of proposed changes to the protection.
We remind working members that ground loss now will ultimately, when the time comes for them to retire, diminish their income.
Your Retired Members Committee have, as you would expect, been active on this issue. We invite you to join us in contacting your elected representatives, encouraging them to honour the triple lock protection both now and in the future without alteration or variation.
Chris O’Neill, Chair and Diana Barnes, Executive Committee Member
Hampshire Unison Retired Members