We all know that pensioners have a charmed life under the current government – right? Pensions take up around half the £160 billion social security budget and there are other perks like the cold weather payment during the winter months, free bus passes and free TV licences – right?
They get a triple-lock inflation guarantee, under which the state pension rises according to the highest of CPI inflation, the rise in earnings or 2.5 per cent. They get Pension Credit (otherwise known as the Minimum Income Guarantee) to ensure they receive a weekly minimum of more than £140.
So no matter what happens to the rest of us, they’re in clover – right?
Just taking those examples, Tory Liam Fox wants to cut the cold weather payment down to nothing, and the Liberal Democrat Vince Cable wants to means-test or tax pensions. The free TV licence will disappear…
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