Putney MP Opposes 'Real Terms Pension Cut'

Fleur Anderson says nearly 10,000 of her constituents will be affected

Fleur Anderson at the Houses of Parliament
Fleur Anderson at the Houses of Parliament


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Putney MP Fleur Anderson says that changes introduced by the government this week will result in a real terms pension cut for nearly 10,000 of her constituents.

She says that many older people and families could see any savings to the energy bills in the recent packages of measures wiped out by changes to the state pension.

Ms Anderson added said, “Amazing and hardworking local organisations such as Age UK Wandsworth, and Regenerate Rise and Crew Energy who already go the extra mile for the elderly in our constituency, will be left to fill yet more gaps left by insufficient government financial support to the elderly.

“Residents of Putney, Roehampton and Southfields likewise know the strain that local social care services are under, further cuts the pensions of the elderly will push yet more elderly people into financial hardship and only increase the burden on the brilliant yet overworked and underpaid carers and social workers in our borough.

“With working people, families and pensioners struggling to make ends meet along with rising child and pensioner poverty this is clear proof that the Government are simply not on the side of working people or pensioners.”

Analysis from the Labour Party claims to show that the basic state pension will be worth hundreds of pounds less in real terms over the next year, affecting 9482 pensioners in the constituency.

As a result of rising inflation and the decision to only increase the state pension by 3.1 per cent, a basic state pension for an individual could be worth around £222 less in real terms over a year than in 2021/22. According to the latest Bank of England Forecasts, CPI is set to average around 6.2% in 2022/23. For a couple it will be worth around £355 less. This is a real-terms cut to the state pension that is more than the amount that is being provided to households to reduce their energy bills over the next year.

The Commons approved the new pension rates on Monday 7 February in breach of the Conservative party’s earlier commitment to maintain a triple lock on pensions which means that they will come into effect from Friday 1 April.

Labour is proposing a windfall tax on energy companies.

The government claims that pensioners claiming the basic rate would be £2,300 better off in cash terms than when the Conservatives came to power 12 years ago.

Work and pensions minister David Rutley told the Commons, "The state pension is a foundation of support for older people. With this order the basic state pension will rise to £149.26 a week for a single person. This means that a full yearly basic state pension will increase by £2,300 a year higher in cash terms than in April 2010.

"The full rate of the new state pension will increase from £185.15 per week. This increase means that over the two years of the pandemic the basic new state pensions will have increased by 5.6% while CPI in the two years to September 2021 was 3.6%."

He said the Government "remains committed" to reverting back to the pension triple lock in future years

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February 11, 2022

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