Thousands of pensioners in Cheadle constituency to benefit from Lib Dem manifesto pledge

June 30, 2014 6:18 PM

Pensioners would be guaranteed to earn at least an extra £790 per year by the end of the next parliament under Liberal Democrat manifesto plans, Pensions Minister Steve Webb announced today.

These changes mean the state pension will be worth at least £131-a-week by 2020, up from just £97.65 four years ago; and it is expected to benefit 51,027 pensioners in the Stockport area alone. Sunrise Living Care Home

Thanks to the Liberal Democrats' triple lock guarantee, the basic state pension has risen in each year of the last parliament by whichever is the higher of earnings, prices or 2.5%. The triple lock was a key demand from the Liberal Democrats in Coalition negotiations. This means the state pension is £440 higher per year in 2014-15 than if it had increased in line with earnings from the start of this Parliament, and £800 a year more in total.

Only the Liberal Democrats are committed to write this guarantee into law, giving pensioners more certainty that their pension will continue to rise in future.

Announcing the plan, Pensions Minister Steve Webb said:

"A decent income in retirement for pensioners is central to the Liberal Democrat vision of a fair society. For decades, successive Labour and Conservative governments allowed the state pension to decline after Mrs. Thatcher broke the 'earnings link' in 1980. Our manifesto promise of a 'triple lock' has been implemented every year since 2010 and means that the state pension is already a higher share of the national average wage than at any time since the early 1990s.

"But if we are serious about having a decent state pension we need to go further. That is why the Liberal Democrats will guarantee in law that in each year pensions will rise by the highest of wages, prices or 2.5%."

Local MP, Mark Hunter said:

"The triple local guarantee was a Liberal Democrat idea and it has been a great success since 2010 when we brought it in. We are the only party that is committed to getting the triple lock into law to ensure pensioners continue to receive a fair deal in the years ahead, and I will be campaigning on this issue for local residents."

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