Government planning £20 million pensions heist as pensioners in Oldham set to lose hundreds of pounds

Shocking new figures revealed by Oldham Liberal Democrats show that pensioners in Oldham are set to lose hundreds of pounds over the next three years.  This comes as the government plans to undermine the ‘triple-lock’ guarantee, which exists to protect pensions from inflation. 

Shaw councillor and Leader of Oldham Liberal Democrats, Howard Sykes MBE said, “The Conservatives are set to break the triple lock by not uprating pensions in line with earnings.  Instead, they will exclude bonuses, meaning that pensioners will receive a 7.8% rise in the state pension, not the 8.5% the triple lock should guarantee them.”

“This stealth cut would set each pensioner in Oldham back £550 over three years at a time when so many people are struggling.  It was the Conservatives who crashed the economy and sent inflation soaring, but they want pensioners to clean up their mess.”

Analysis by the Liberal Democrats shows that a total of £20.7 million in state pension payments would be lost in Oldham alone if the government doesn’t change course. 

Councillor Sykes said, “The triple-lock must be maintained.  People in Oldham deserve better than having their pensions plundered by this out of touch government.”

NOTES

Full Department of Work and Pensions data here:

House of Commons Library Data is broken down by parliamentary constituency.  Oldham Borough is comprised of two whole constituencies – Oldham West & Royton and Oldham East & Saddleworth – and one partial constituency – Ashton-Under-Lyne.  To find approximate figures for Oldham Borough as a whole, the Liberal Democrats divide Ashton-Under-Lyne data by three and combine this with the figures for the rest of the borough. 

More from Councillor Sykes on triple-lock pensions
Liberal Democrats commit to ‘triple-lock’ to protect pensioners in Oldham – Howard Sykes (mycouncillor.org.uk)