The Intergenerational Foundation said the number of wealthy pensioners has questioned the government’s decision to maintain policy. It called it an “injustice” use of taxpayer money. Charity Angus Hunton also said he also revealed the number of millionaire pensioners on how wealth inequality was widened between generations.
He states: “Thanks to Triple Lock, after inflation in state pensions has risen for more than a decade, this analysis raises the question of whether a potential 10% rise is the fairest way to deal with poverty. “
However, former pension minister Baroness Altman said many pensioners are rich in wealth but poor in cash and will rely heavily on the increase in pensions in Bumper in April next year.
“It’s ridiculous to say that some pensioners are very wealthy just because they live in higher-value homes. Real estate prices may have risen, but that’s what they are. They don’t help their lives and they can’t spend that one million pounds. They live at home, “she said.
She added that the UK’s state pension is the lowest in the developed world. “It’s going in the wrong direction at best to say that we don’t need to protect against rising prices,” she said.
Payments for those receiving a completely new state pension increased 3.1 pc in April to £ 185.15 a week. This is smaller than the current inflation rate of 9.1pc (the highest in 40 years). Studies show that retirees will be short of £ 10 each week until April next year, after being struck by rising fuel and food costs.