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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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£30 million of extra money for pensions in South Wales West
November 30, 2011 2:13 PM
It has been announced this week in the Westminster Autumn Statement that, as of April 2012, the basic state pension will increase by £5.30 per week, the largest ever cash increase in the basic state pension.
Due to Liberal Democrat influence in Government, every pensioner in Wales will get a guaranteed rise in their state pension matching the highest of inflation, increase in average earning or 2.5%.
This means that this year 109,870 people in South Wales West will get a rise of £5.30 a week, totalling £30,280,172 of extra money for pensions in South Wales West.
Peter Black, Assembly Member for South Wales West, commented:
"During these difficult times, Liberal Democrats in Government are making a real difference for today's pensioners.
"The Liberal Democrats have restored the link between the basic State Pension and earnings broken by Thatcher. Labour had thirteen years to do it themselves and did nothing. Our 'triple lock guarantee' means that the basic State Pension will increase by whichever is the highest of earnings, consumer prices or 2.5%. The earnings link alone will give an average pensioner an extra £15,000 during their retirement.
"Many pensioners will remember Labour's pitiful rise in the state pension of 75p, which was frankly insulting. This Coalition Government has given pensioners a guaranteed rise of inflation, an increase in average earning or 2.5%, which is the highest, for this year on."
"I know this will be a great help for over 109,870 people in South Wales West as a pensioner retiring today can expect to receive around £15,000 more in basic pension over the course of their retirement than they would have done under Labour."
"This new flat rate will particularly benefit women and will ensure future pensioners have the guarantee of a decent future, something the Liberal Democrats have been campaigning on for years and are now delivering in Government."
Diwedd/Ends
Notes to Editor:
1. The triple lock guarantee of a rise in the state pension by the highest of inflation, the rise in earnings or 2.5% was in the Liberal Democrat manifesto at the last General Election.
2. The Liberal Democrat manifesto also said that a Liberal Democrat Government would look into creating a simple, universal pension.
3. Please find the statistics attached
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