Millions of retired Waspi women to suffer £3bn worse from triple lock on state pensions

The new figures show that women born in the 1950s will lose up to £770 a year each due to the government’s decision to halt an increase traditionally linked to inflation, earnings growth and 2.5%.

Millions of retired Waspi women to suffer £3bn worse from triple lock on state pensions 0 AdobeStock 294332799 1jpeg

Retired women will be £3bn worse off financially as a result of the Government’s decision to lift the triple lockdown this year.

New figures show that women born in the 1950s will lose up to £770 a year each due to the government’s decision to halt an increase traditionally linked to inflation, earnings growth and 2.5%.

Some 3.8 million women have lost up to six years in their pension payments because their retirement age was raised from 60 to 66.

The Women Against State Pension Inequality campaign group WASPI has been fighting this inequality for decades.

Now research by the Lib Dems has shown that women will also lose a total of £2,924,480,000 due to the Chancellor’s decision to break the Tory election manifesto’s triple lock promise.

Figures showed that so-called WASPI women on basic state pension are losing £590.20 per year each. Those on the new state pension are missing out on £769.60 a year.

The total was based on the shortfall between this year’s 3.1% rise in state pensions and a rise in national revenue of about 8%.

Lib Dem Work and Pensions spokeswoman Wendy Chamberlain MP said: “This is a double whammy for WASPI women and only adds insult to injury after they have been ignored for years.

“They are losing hundreds of pounds a year at a time when bills are skyrocketing, as they continue to seek justice for state pension changes that left them penniless.

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“We demand a fair increase in the state pension, to match the rising cost of living and provide fair treatment for WASPI women.”

The Liberal Democrats are calling for pensions to be increased at the projected rate of inflation.

The party also agrees to compensate WASPI women according to a level set by the Pensions Ombudsman once it has completed its investigation.

A spokeswoman for the WASPI campaign said: “Women born in the 1950s have already been hit with huge losses in their retirement income from their state retirement age being raised by up to six years, without warning, which the Ombudsman considered maladministration by the DWP”.

He added: “Removing the triple lock-in for those women who have already reached their new state retirement age will further impoverish them.”

A spokesman for the Department for Work and Pensions (DWP) said the triple lock, which guarantees the state pension will rise by the higher of inflation, average wage growth or 2.5 per cent, will return next April.

“The total annual amount of the Basic State Pension is now over £2,300 more than in 2010 and the Government remains committed to implementing the triple lock in the usual way for the remainder of Parliament and will return next year.

A spokesperson added: “We recognize the pressures people face with the cost of living, which is why we are providing £22bn worth of support over the next financial year.” Officials insist that the Treasury suspended the triple-lock mechanism for only one year due to “distortions” in profit growth caused by the end of the Covid furlough scheme.

The story behind the Waspi generation

Many women born in the 1950s were initially told they would retire at age 60, five years earlier than men, until the government made a U-turn in the name of equal rights in 1995.

That year, the Department for Work and Pensions raised the retirement age to 65, the same age as men.

But it gave women a 15-year breathing space, and then, beginning in 2010, it began to gradually increase in age.

In 2011, the government sped up the process and dropped a bombshell on women born in 1953-4, who suddenly learned they would have to wait longer than expected to retire.

This meant that women born before April 6, 1950 could still retire at age 60, but women born a year later would have to wait longer, and those born in their mid-50s had to wait until age 66 to claim. the state pension.

Last summer, the Parliamentary Ombudsman ruled that government officials were “too slow” in informing many women of the raising of the state retirement age.

The decision was hailed as a significant victory for the WASPI campaign calling on the government to compensate the affected women.

However, the Ombudsman has no power to issue pension refunds and cannot recommend that people receive state pensions sooner than current law allows.

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