TORY GOVERNMENT’S THREAT TO PENSIONS
Patricia Gibson MP has warned the UK Tory Government against increasing the state pension age further. To a shockingly high 75!
The Tories’ threat follows a report published by the Centre for Social Justice - chaired by former Tory Leader Iain Duncan Smith MP - which concluded that the UK cannot afford to raise the pension age to 67 in 2028 then 68 by 2046, arguing that it must be raised even faster and higher.
However, further increases in the state pension age could have a disproportionate impact on Scotland due to our demography.
Mrs Gibson also called on UK Ministers to heed warnings raised by Pension Reforms and Old Age Inequalities in Europe, which reports that the proportion of elderly people living in severe poverty in the UK is five times what it was in 1986 - the largest increase in Western Europe.
There is also a need to reform pension and savings policy, after it emerged that there is £20 billion worth of lost pension pots in the UK.
Patricia Gibson said:
“The Tory’s government’s approach to the UK’s elderly population and state pension policy has been detrimental to the UK's elderly population with regard to Pension Credit, TV licences and WASPI women to name but three.
“The Prime Minister must act to address the dire levels of pensioner poverty in the UK, given the UK’s elderly population suffers from the worst poverty rate in Western Europe, rather than focus on raising the retirement age yet again.
“Pensioner poverty has been continuously ignored by the Tory Government for too long.
“From the injustices facing WASPI women denied the right to their state pension, to the removal of free TV licences for the over 75s and removal of eligibility to Pension Credit, the UK Government’s attitude towards older people is shameful.
"They must tackle these injustices and the UK’s shocking pensioner poverty rather than increase the pension age to an age many Scots never even reach.
“The SNP has long called for the establishment of an independent Savings and Pensions Commission to consider pension policy responsibly and ensure it is fit for purpose.”
Tories plan to raise the state pension age to 75 over the next 16 years:
UK elderly suffer worst poverty rate in western Europe:
Research conducted by the Association of British Insurers (ABI) and the Pensions Policy Institute (PPI) estimated that there are 1.6 million lost pension pots in the United Kingdom. This amounts to nearly £20 billion of unclaimed pension funds – the equivalent of nearly £13,000 per pot.
BetterTogether pension claims during the independence referendum.