LLA responds to the British Chambers of Commerce’s Budget Submission

Responding to calls from the British Chambers of Commerce (BCC) to scrap the pension triple lock and redirect the savings towards measures to boost youth employment, Eamonn Donaghy, Chief Executive of the National Federation of Occupational Pensioners and a spokesperson for Later Life Ambitions, said:

“Young people need better opportunities, but pensioners should not be asked to pay for them. Pitting one generation against another is no answer to Britain’s economic challenges. The BCC is right to be concerned about youth unemployment, but a growing economy should provide security and opportunity for young and old alike.

“The State Pension is the largest source of income for many retirees. For people with little or no private pension – including many older women and those who have spent time caring for others – weakening the triple lock would have real consequences.

“There is a legitimate debate about how we tackle youth unemployment and strengthen the public finances, but raiding retirement incomes is the wrong place to start. If ministers ever move away from the triple lock, they must first establish a Minimum Income Guarantee linked to the real cost of living in later life. Older people need security and dignity in retirement, not renewed uncertainty about the value of their State Pension.”

LLA’s Budget for Later Life calls for the triple lock to be protected beyond 2029, ensuring pensions rise in line with living costs and wages. It also calls for a Minimum Income Guarantee for older people, covering essentials such as housing, energy and water, groceries, personal care, transport, clothing, communications and participation in community life.