Exeter pensioners say state pension triple lock increase won’t be enough

Pensioners in Exeter have given a mixed response to news that the state pension will rise next year under the government’s ‘triple lock’ policy.

According to the BBC, under the ‘triple lock’ policy the state pension rises each year by either 2.5 per cent, inflation, or average earnings growth - whichever is highest.

Ministers say the policy protects older people from the rising cost of living, but some Exeter pensioners argue the increase will only go so far as energy bills, food prices and housing costs continue to put pressure on households in the South West.

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A local resident said: "In order to gain from the triple lock, you need to put the basic rate up to at least 15,000."

Another Exeter pensioner, William, said: “Depending on someone’s situation, this increase could be taxed, so many pensioners won’t actually see or benefit from it.”

Exeter MP, Steve Race, told Exeter Today that: "The State Pension is the foundation of the support that Government provides to older people. This Government remains committed to the triple lock, which helps to ensure that people can continue to live their lives with dignity and security, even if the cost of living goes up. 

"Pensioners in receipt of Pension Credit or with incomes below £35,000 will also be eligible to receive the Winter Fuel Payment this year. Take up of Pension Credit has historically been low, but it is a vital safety net for the poor pensioners and those with additional needs. I'd encourage anyone who's struggling, or knows someone who is, to check to see what support is available." 

The announcement comes at a crucial time for the city, where many older residents live on fixed incomes and feel the squeeze from some of the highest living costs in the South West.