CWU urges members to write to MPs to defend pension triple lock

[TrueBlueTerrier]

https://www.pensionsage.com/pa/CWU-urge ... e-lock.php" onclick="window.open(this.href);return false;

The Communication Workers Union (CWU) has written to its members urging them to write to their MP to request their support in defending the state pension triple lock from being scrapped.

It has been rumoured that Chancellor, Rishi Sunak, is weighing up the possibility of scrapping the triple lock due to the economic fallout surrounding the coronavirus pandemic, despite the Conservative Party’s manifesto pledge not to do so.

The Treasury is reportedly concerned about forecasts for strong wage growth in 2021, when workers’ salaries are likely to recover from the lows caused by furlough under the Coronavirus Job Retention Scheme.

This is problematic as the triple lock ensures that state pensions rise every April based on whichever is higher out of wages, inflation or 2.5 per cent.

However, CWU said that it opposed scrapping the policy and will be raising the issue with the Labour Party as part of its campaigning work.

It issued members with a template letter to send to their respective MPs, saying that the union “cannot allow the government to begin to make vulnerable sections of our society pay what would be a heavy price as they look to address failings in the economy”.

Addressing members, CWU policy advisor to the general secretary and retired member, Norman Candy, said that it was “extremely worrying” that the government mat be considering scrapping the triple lock.

“If this goes, it will have a far greater impact on the pensioners of tomorrow than on the pensioners of today – because of the triple lock’s cumulative effect,” he continued.

“When people attack the triple lock, they sometimes portray this as a generational divide – implying that the older generation are being selfish in defending this at the expense of the younger generation.

“But please don’t be fooled – whatever age you are now, you will get older and, when you do, you’ll need the best possible pension so you can live your later years in security.

“This is a fight for today, but most importantly, it’s a fight for everyone’s future.”

[Schiff]

Given the financial position that the country is in due to Covid, the triple lock is completely indefensible now.

Good to see the CWU continuing with their pointless political campaigns instead of looking after their members and getting a deal with Royal Mail.

[hans solo]

[NorthernBoy]

Can also see the SP age rising to 68/69 quicker than planned.

All governments are broke and are having to print money in order maintain the current system. Personally I think we are living in the last phase of the capitalist experiment and at some point the system will have to change. As to what that change will look like I have no idea, but I think it’s coming sooner than people think. Strange times indeed.

[heapsy]

Can also see the SP age rising to 68/69 quicker than planned.

All governments are broke and are having to print money in order maintain the current system. Personally I think we are living in the last phase of the capitalist experiment and at some point the system will have to change. As to what that change will look like I have no idea, but I think it’s coming sooner than people think. Strange times indeed.

Yes the new model is "work until you drop". that is, unless you do something about it yourself.

[Tman]

I think we are living in the last phase of the capitalist experiment and at some point the system will have to change..

"Capitalist experiment"? This "experiment" has been running for so long that it's shown to be the only system which comes anywhere near working, crap though it can be/is.

[Seymour Buts]

Good luck with that. Is the triple lock really defensible given all that's going on? Lets be honest: it's a bribe from both major parties to keep the most likely to vote (old people) onside. I suspect it'll stay anyway, if the Tories lose the older vote they're done; it shouldn't stay though. At least for now.

[heapsy]

Good luck with that. Is the triple lock really defensible given all that's going on? Lets be honest: it's a bribe from both major parties to keep the most likely to vote (old people) onside. I suspect it'll stay anyway, if the Tories lose the older vote they're done; it shouldn't stay though. At least for now.

Just remember, you will be one of those pensioners one day. Be careful what you wish for. We all had guaranteed FS pensions and look what happened. The triple Lock needs to stay in my opinion. It doesn't make up for the fact that our State pension is crap by comparison to other countries, but without it most people will struggle. As for voting Labour that's not really an option. They've let the ordinary working people down too often.

[baldrick]

The triple lock was introduced by the Cameron coalition government to gradually restore the value of the State retirement pension which had been severely cut in real tems by the Thatcher government's removal of the link to inflation.
We still have one of the lowest State pensions in Europe relative to national average wage.

[RobertT]

As the original article says, those that would be worst affected by the loss of the triple lock would be the younger generation, due to compounding over time. Just because you're not receiving it at the moment doesn't mean it won't have an impact on you, as everyone's state pension entitlement goes up by the same percentage.

A lot will depend on how well the UK economy recovers after CV-19. This article suggests the state pension could actually increase by 18% in 2022 because of how the triple lock is worked out: https://www.independent.co.uk/money/spe ... 67646.html" onclick="window.open(this.href);return false;

There are other pension related savings the government could make, such as abolishing higher rate tax relief which would save about £10 Billion per year, or scrapping salary sacrifice for example. Plus there's plenty more taxes and reliefs that could be changed to bring in more revenue.

Personally I don't want the triple lock to go, but realistically I think it probably will sooner or later.