"At a weekly ballet class in Wokingham, dancers glide elegantly through an intricate series of poses, making it look easy despite ranging in age from 50 to over 80. Figures released on Tuesday, suggesting retirees will likely benefit from a 4.7% increase in the state pension from next April, will add a spring to those dancers' steps. Yet concerns remain."
"Glenys worries about those whose only income is the basic state pension. "I do feel sorry for people that are struggling, if it's food or heat," she says. Meanwhile, former architect Mary says her children's generation are having to strive harder and for longer to afford to start a family or buy a home. "My daughter's about to give birth, and she's beginning to contribute to a pension. But what it's going to be like for the new grandchild, I've no idea.""
The triple lock guarantees the state pension will increase each spring by the highest of 2.5%, September inflation, or prior summer earnings growth. The earnings figure is likely to make the state pension rise by about 4.7% next April. The uplift helps reduce pensioner poverty, but questions remain about the policy's fairness and long-term affordability. The UK state pension is less generous than the average among wealthy countries, increasing reliance on private savings. Recent cost-of-living pressures on essentials such as food and energy have disproportionately strained those dependent on the state pension. Younger generations face greater difficulty saving and affording housing and family costs.
Read at www.bbc.com
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