27,412 Portsmouth residents will benefit from the Lib Dems' triple lock on pensions
The basic state pensions will rise by at least £2.85 a week thanks to the Liberal Democrats triple lock. It means 27,412 pensioners in Portsmouth will benefit from an increase in their pension.
This rise will bring the level of the state pension to at least £115.95 and will benefit millions of pensioners across the UK. This is £18.30 more, each week, than in 2010 when the Liberal Democrats entered coalition. This means pensioners on the full basic state pension are £950 a year better off than they were under Labour.
The triple lock delivers a pension rise of whichever is the greater of average earnings, inflation or 2.5%, meaning pensioners across Portsmouth will see more money in their pockets.
The Liberal Democrats campaigned for it in opposition, have delivered it in Government and have pledged to write it into law in the next Parliament.
Commenting, Liberal Democrat Pensions Minister Steve Webb said:
“This is fantastic news and proof that the Liberal Democrats are delivering in government.
“Thanks to the triple lock commitment in our manifesto pensioners across the country have benefited from a substantial income boost this parliament.
“I am proud of this record of delivery and that we are the only party with a 2015 manifesto promise to write the triple lock into law.”
Commenting further, Gerald Vernon-Jackson, Lib Dem parliamentary candidate for Portsmouth South said:
“Liberal Democrats are building a stronger economy and a fairer society, and that means treating pensioners with the respect that they deserve.
“The triple lock ensures that pensioners are guaranteed the security of a steady rise in their pensions, allowing them to plan for their future and giving them dignity in their retirement.
“We have ensured that pensioners in Portsmouth are never again subjected to the indignity of the 75p rise they saw under Labour."