State pension to increase in line with wage data: Pension expert reaction

In light of today’s news that the state pension is due to increase in line with wage growth according to the triple lock, please find comments from Lily Megson.
 
Lily Megson, Policy Director at My Pension Expert said, “With the state pension set to rise in line with wage growth, this increase will offer some additional support for retirees who have struggled under huge financial strain in recent years. However, while the triple lock remains an important safeguarding measure, a rise alone won’t solve the broader financial challenges facing pensioners.

“The cost-of-living crisis has taken its toll, and the decision to cut the winter fuel payment for most households will be particularly harsh, especially with energy prices remaining high. Many pensioners will face a gruelling winter and so, while the state pension increase is welcome, it will fall short of fully protecting pensioners from rising costs.

“More must be done to provide immediate support for pensioners. This means targeted assistance to help with the rising cost of living, including energy bills, and ensuring that pensioners have access to the financial support and advice they sorely need.”