British pensioners have been left disappointed in recent months over changes to the way their state pension is increased. This, combined with concerns over the cost of living in the UK, have led to anger and frustration from pensions campaign groups.
He continued: “Our state pension is already the worst in the developed world, and this cut in living standards will send thousands spiralling into poverty.”
Another issue voiced by Mr Reed was the stark difference between the rate of the state pension depending on whether someone falls under the old or new rules.
The full new state pension is valued at £179.60, whereas the basic state pension, applying to people who reached state pension age before April 6, 2016, is just £137.60.
Mr Reed said: “There are many injustices and anomalies built into our pension system which need urgent attention.
Mr Reed expressed his frustration over this, asking: “The maladministration case has been won but where is the compensation?”
He also believes not enough has been done enough to encourage younger generations to prioritise their pension savings, something which he says Silver Voices will attempt to do.
Mr Reed said: “Government-supporting commentators have created the illusion that pensions only matter to older people, and that the ‘forever-young’ will never have to worry about their incomes after retirement.
“Silver Voices will continue campaigning in 2022 and beyond to change this narrative, and win strong support for a living state pension, so that no older person has to juggle between heating and eating in future years.”
A Government spokesperson said: “We recognise people are facing pressures with the cost of living and we want to ensure pensioners receive all of the support they are entitled to. Our winter fuel payments are supporting over 11 million pensioners with their energy bills and we are continuing to encourage those eligible for Pension Credit, and the wide range of other benefits it can provide, to make a claim.
“The one-year response to temporarily suspend the Triple Lock ensures fairness for both pensioners and taxpayers. Combined with last year’s 2.5 percent increase to pensions – a step we took when earnings fell and inflation barely rose – we have ensured pensioners’ incomes have been protected amidst significant economic upheaval.”