Pension rise ‘better than nothing’ but…
Saturday 12th September 2009, 2:29PM BST.
ELDERLY people will be forced to use their savings despite the proposed increase in the pension, it has been claimed.
Social Security announced yesterday that it wanted the old-age pension to rise by 2% from January – an inflation-busting increase.
Representative bodies cautiously welcomed the news, but highlighted the problems it would still cause.
Age Concern vice-president Roy Trustum said the department had been fair.
The charity had suggested a 7% rise in discussions with Social Security.
Members of the branch met in St Martin’s yesterday.
‘It’s better than nothing at all, that’s what the feeling is here, but the trouble is the savings they have will be used because they are not going to have enough pension,’ said Mr Trustum. ‘Then again, that’s the same for everyone.’
Living expenses such as prices in the supermarkets kept increasing so the proposal meant pensioners were not really gaining anything, he said.
Age Concern member John Nicolle said the rise was ‘paltry’.
‘Considering that we have no money coming in from bank interest at all, that’s what pensioners totally rely on – 2% is not going to be make a difference,’ he said.
‘But it’s better than a kick in the teeth.’
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2% is not much but it’s better than a lot of working people have enjoyed in the last year so maybe not too bad a deal under the current conditions.
I do think that bank interest is a bit of a moot point. An annuity purchased 3 or 4 years ago would have give circa 8% fixed or 5% with annual RPI increases. An annuity offers an income for life, be that long or short, and it baffles me why more pensioners do not buy one instead of forcing themselves into fretting about breaking into the capital in their building society books.
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When will it stop? School Districts across the country asking for property tax increases, food chain stores raising prices, People on walfare who have free medical care, Food stamps, WIC, and low income housing are far better off then the seniors on social security, cut these people off let them know what it feels like to do without
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I don’t know where you come from Frank but over here an awful lot of pensioners already know what it feels like to do without.
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