Pensioners of Oldham Borough – Liberal Democrats secure Fairer Pensions!
In 1908, Liberals in Government introduced the first Old Age Pension in Britain.
Now 105 years later on, Liberal Democrats in Government have again secured a great new deal for Britain’s pensioners.
The Single Tier Pension:
Liberal Democrat Pensions Minister Steve Webb has announced the introduction of a new single state pension that will be simple, decent and fit for the 21st Century.
The new single-tier pension will be introduced in 2017 and apply to any one retiring after that date.
• For a single person, this will be £144 per week, substantially more than the current basic state pension, now £107.45
• For the first time men and women will be treated equally and you will no longer lose out if you are self-employed, or of you decide to bring up children or become a carer
• Unlike Labour’s Pension Credits scheme, the single-tier pension will not be means-tested – people who save for their retirement will not be penalised because of their savings and all of their existing pensions contributions will be honoured
The Triple Lock:
In Government, Liberal Democrats have also secured a ‘triple lock’ for current pensioners.
Under the ‘triple lock’, pensions will rise each year in percentage terms with inflation, average earnings, or 2.5% (whichever is greater).
Despite 13 years in Government, Labour failed to restore the link between pension rises and earnings; Liberal Democrats in Coalition Government did so within 6 weeks of taking office.
The ‘triple lock’ means that:
• There will be no repeat of Gordon Brown’s insulting 75-pence pension ‘increase’!
• In April 2013, pensioners will be £650 per year better off than when Labour was in power
• The basic state pension is now at its highest share of average earnings since 1992
Welcoming the news, Leader of the Opposition and of the Liberal-Democrat Group, Councillor Howard Sykes said:
“The worrying fact is that, for many local citizens today’s state pension is not enough to live on. So I was delighted to hear about the introduction by the Liberal Democrats of the new single-tier pension. This represents a significant increase in real terms over the basic state pension.
“Our existing pension system is much too complicated and penalises those who save for their retirement or who are self-employed, raise a family or care for a loved one. As well as being decent, the single-tier pension is also simple and fair.
“This welcome news comes on top of the Liberal Democrats’ triple lock, which will ensure that state pensions maintain their spending power, and a renewed commitment by Liberal Democrats in Government to maintain free bus travel, TV licences, eye tests and prescriptions, and the much valued Winter Fuel Allowance, which has been recently raised, for our pensioners.
“All-in-all, a great new deal for Oldham’s pensioners and one that will give them a decent income and dignity in their retirement”.