Ensuring that people have dignity and security in retirement is righty a priority for Conservatives and I am proud of our record. With a growing number of people of retirement age, it becomes ever more important that we have a strong economy, to afford the support we want to give to people no longer of working age. Our economy remains resilient, despite the best efforts of certain politicians seeking power, to talk it down.
The Triple Lock has been protected since its introduction in 2011 and the State Pension will increase by 8.5% in April, which is in line with the growth in average earnings, meaning pensioners will receive up to £900 more a year.
Since 2010 when the Conservatives entered government, the State Pension has increased by over £3,736 a year. We really have come a long way since Gordon Brown’s 75p weekly increase in the State Pension eleven years earlier.
Nearly 12 million Winter Fuel Payments and Pensioner Cost of Living Payments have been delivered to pensioners during the winter, helping to protect the most vulnerable. Worth £4.8 billion, these payments provided vulnerable households up to £600 to help with their energy bills.
Something Labour won’t ever mention as it goes against their narrative, is that the number of pensioners living in absolute poverty after housing costs is down by more than 200,000 since 2010, as we protect the most vulnerable in society.
The Pensions Lifetime Tax Allowance has been abolished, incentivising more experienced workers including GPs to stay in work for longer. This protects over 80% of NHS doctors from receiving a tax charge on their pension, making staying in or returning to the workforce more worthwhile.
For those in work saving for retirement, wide-ranging pension reforms will see the typical pension boosted by £1,000 a year. Reforms to defined contribution pension schemes will increase a typical earner’s pension pot by 12% over the course of their career. I fully endorse my party remaining wholly committed to supporting people, both when they are in retirement, and when they are working as they save for their retirement.
Councillor Duncan Crow, Leader of Crawley Borough Council Conservative Group
13th March 2024
