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UK pension increase not enough

The National Pensioners Convention has today come out in support of pensioners across the UK , many of whom are up in arms about the meagre 5% increase in the state pension. As we covered in one of our earlier post, the full basic state pension has risen to £95.25 although for those without a full National Insurance record the figure is a much lower £57.06. However, when you take into account the significant increase in both food and energy costs this increase, although welcome, is nowhere near enough.

More alarmingly, the National Pensioners Convention has confirmed that the official poverty level in the UK is estimated at £165 a week which places more and more pensioners in financial trouble. Indeed it is estimated that over 800 pensioners are falling into the poverty trap each and every day and the situation looks set to get worse before it gets better. A staggering 25% of UK pensioners are now living below the official UK poverty line with many dependent on handouts from family, friends and charities.

When you combine the increased cost of living, the relatively small increase in the state pension and savings rates which have in many cases fallen to 0%, more and more pensioners are struggling to make ends meet.

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