Nine in 10 pensioners have admitted that they will not be able to survive on the state pension alone despite the triple lock, according to new research.
Charity Independent Age spoke to pensioners who are still struggling to survive the cost of living crisis amid soaring energy bills and the removal of vital support, such as the Winter Fuel Payment.
As it stands, the full new state pension comes to £221.20 per week but this will jump to £230.05 in April thanks to the triple lock.
Older Britons on the basic state pension are set to see their payments jump to £176.30 from £169.50 per week.
Under the triple lock, payments increase by either inflation, average earnings or 2.5 per cent; whichever is highest.
Base on Independent Age’s research, around nine in 10 pensioners do not believe the state pension is enough to live on and pay bills on its own.
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The state pension is not enough, a leading charity has warned
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Some 85 per cent of those concerned shared they will not be able to cover essentials, including foods, water and electricity.
Earlier this year, Chancellor Rachel Reeves confirmed the Winter Fuel Allowance would be means-tested going forward.
Due to this decision, millions will lose access up to £300 in energy bill support over the winter months.
In order to qualify for the Winter Fuel Payment, pensioners will need to claim Pension Credit.
Former pensions minister Sir Steve Webb highlighted that the new state pension would need to increase by just over £250 just to keep pace with inflation.
According to the LCP partner, payments a £210 hike would be a real increase.
“And this is before allowing for the income tax which most pensioners will pay on their state pension rise,” Webb shared.
“Those who lose £200 or £300 in winter fuel payments will therefore still be worse off in real terms next April.”
Joanna Elson, chief executive at Independent Age, said: “It’s essential that tackling poverty in later life is a key priority for the UK government.
“We all hope to have an adequate income as we age, yet many older people are living in financial hardship and are struggling to afford even the absolute essentials, let alone having a decent quality of life.”
A Department for Work and Pensions (DWP) spokesperson said: “We are committed to supporting pensioners – with millions set to see their state pension rise by up to £1,700 this parliament through our commitment to the triple lock.
“We will ensure the pensioners of tomorrow have the dignity and security they deserve in retirement as we carry out our landmark pensions review to boost investment, increase pension posts and tackle waste in the pension system.”
