Martin Lewis issues worrying update on £900 state pension Triple Lock | Personal Finance | Finance
Money expert Martin Lewis has issued a worrying update to state pensioners about the £900 Triple Lock boost.
Martin, who turned the air blue on ITV’s GMB today with his frank comments about the government’s decision to change Winter Fuel Payments to means testing, has now hit out at people who are defending Labour ending the previously universal benefit.
Martin took umbrage with the view, expressed by some of his followers, which said: “Pensioners are net gainers this year, so it’s fine for them to lose winter fuel payments.”
This appears to be based on the fact that state pensioners got £900 more in their state pension pot from April this year thanks to the Triple Lock boost, which automatically increases pension payouts by the same as inflation, wage growth or 2.5 percent, whichever is highest.
Martin fired back as he explained why pensioners are not net gainers after all with a worrying summary of some of the hardships pensioners face this year.
He said: “April’s £900 annual triple lock uplift quotes is for the FULL NEW state pension.
“Yet only 1 in 4 pensioners are on the ‘new’ pension, most are on the ‘old’ one, which only rose by £700.
“Most people eligible for pension credit do not get the full state pension just a fraction of it due to not enough qualifying NI years – so the uplift will be fractions of the £700,
“In any case that £900 uplift was mainly to cover inflation (cost rises) that have ALREADY happened
“They have also lost £300 cost of living payment that was paid last two winters but wasn’t this year.
“Energy bills are c. £100 per typical home less this winter than last so that is a gain, but by no means enough to cover the £300 cost of living and £200-£300 Winter Fuel Payment loss.
“Of course similar maths apply to many who are just above the pension credit threshold too.”
Martin is still urging people to claim Pension Credit, as over 800,000 pensioners who are eligible to receive it still aren’t claiming it, and claiming it would also land them a Winter Fuel Payment too.
