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Women may be put at further financial risk after removal of triple lock on pensions, says Armstrong

Women may be put at further financial risk by the removal of the triple lock on pensions by the UK Government, Alliance Communities spokesperson Kellie Armstrong MLA has said.

The Government announced the triple lock would be suspended for a year from April due to the pandemic. The triple lock promise in the Conservative manifesto says the state pension will increase each year in line with whichever is the highest out of the rising cost of living, increasing average wages or 2.5 per cent.

“The Conservative Government has decided to break one of their manifesto commitments by removing this triple lock,” said Ms Armstrong.

“Removing the link to earnings is aimed at preventing pensioners from receiving an unexpected post-COVID boost, however I am concerned what impact this move will have in the long term.

“We have already seen the devastating impact this Government has created for Women Against State Pension Inequality, who were not provided enough time to plan for the financial impact of the state pension age increase. Now these same women will find as well as having to wait longer to get their pension, once in payment their pension may not maintain enough of an income to prevent them falling into poverty. Any scaling back of the triple lock is unlikely to be temporary.

“Alliance appreciates younger people deserve a fair pension for their future, therefore we call upon the governments across the UK to review pensions to ensure knee jerk reactions by a Tory Government does not force people into poverty during older age.”