Stratford on Avon pensioners could be £13.8 million in the red

Stratford pensioners could be millions of pounds worse off as a result of the government failing to honour its commitment to ‘triple lock’ pensions.

With rumours suggesting more triple lock tampering next year, the shortfall could reach as much as £13 million that Stratford’s elderly residents will be out of pocket.

These are the findings of the Liberal Democrats, the only one of the main political parties committed to honouring the triple lock, which increases state pension payments each year in line with the highest of three measures: average earnings growth, inflation in the consumer prices index (CPI) or 2.5%.

The government first broke its triple lock commitment last year when it opted not to uprate the state pension in line with earnings, the highest increase, but to use the CPI instead.

Now the Conservative government is reportedly set to break the triple lock once more by not uprating state pensions fully in line with earnings. Instead, they will exclude bonuses from earnings rises, meaning that pensioners will receive a 7.8% rise in the state pension next year, not the 8.5% the triple lock should guarantee them.

Liberal Democrat analysis has estimated the effect of both cuts since 2022 could result in an eye-watering hit for Stratford-on-Avon pensioners of £13,814,326 over three years. That equates to a £551.76 cut for each and every one of Stratford-on-Avon’s pensioners.

Liberal Democrat Parliamentary Candidate for Stratford-on-Avon, Manuela Perteghella said: “To row back on the triple lock would be another in a long list of callous Conservative party broken promises. 

"Pensioners in Stratford-on-Avon need to be rewarded for their decades of contributing to our society, not be forced to suffer this Conservative government turning their back on them once again, right in the midst of a cost of living crisis.

"The triple lock must be maintained and Stratford-on-Avon pensioners must be given the money that they deserve after their years of service. Instead, this out of touch Prime Minister looks set to punish them for his own party crashing the economy."