Dear residents,
I have been receiving a lot of emails as well as comments across my social media on how the budget did not address pensioners to the extent they would have liked.
I am here to assure you that the Conservative government has definitely made changes to benefit pensioners. This was announced in the Spring Budget;
- We have increased the State Pension by over £3,700 since 2010, delivering on our promise to provide dignity in retirement. From 1 April 2024, we will have increased the basic State Pension by £3,736 since 2010, ensuring pensioners’ have the income they need to live in dignity thanks to the Triple Lock.
- We have protected the Triple Lock and are uprating the State Pension by 8.5 per cent in April 2024, protecting pensioners’ incomes. We have protected the Triple Lock we introduced in 2011 and will uprate the State Pension by 8.5 per cent in April 2024 in line with average earnings growth, meaning pensioners will receive up to £900 more a year.
- We delivered nearly 12 million Winter Fuel Payments and Pensioner Cost of Living Payments to pensioners this winter, helping to protect the most vulnerable. 11.9 million payments, worth £4.8 billion, have been made to pensioners across the UK, providing vulnerable households up to £600 to help with their energy bill this winter.
- We have abolished the Pensions Lifetime Tax Allowance, incentivising more experienced workers including GPs to stay in work for longer. We have abolished the Pensions Lifetime Tax Allowance protecting over 80 per cent of NHS doctors from receiving a tax charge on their pension and incentivising them to stay in or return to the workforce.
- We have reduced the number of pensioners living in absolute poverty by more than 200,000 since 2010, supporting those most in need. Since 2010, there are 200,000 fewer pensioners living in absolute poverty after housing costs, as we protect the most vulnerable in society.
- We have delivered wide ranging pension reforms that will see the typical pension boosted by £1,000 a year, helping people save for their retirement. The Chancellor’s ‘Mansion House Reforms’ could unlock an additional £75 billion for high growth businesses, while reforms to defined contribution pension schemes will increase a typical earner’s pension pot by 12 per cent over the course of a career.
Labour's alternative?
They haven't got one.
The Shadow Chancellor Rachel Reeves can’t name a single tax Labour would cut.
Please be reassured that if you're a British pensioner, you're far better off in a Conservative government, than you would be in a Labour government.
All my best,
Steve
