Labour has a better plan to protect pensioners’ living standardsMarch 12th, 2015
The next Labour government will protect pensioners’ income, introduce new laws to safeguard their retirement savings, keep their energy bills down and improve care for those who are frail or vulnerable.
Older people have been let down by this Government which has worsened their living standards by failing to act against rip-off pension fees or energy bills and slashing funding for social care.
We have taken a difficult decision to restrict Winter Fuel Payments for the very richest older people, the top five per cent with retirement incomes that make them higher rate tax payers.
But that is the only change we are planning in the system. Because even in these tough times when the deficit must be cleared, Labour knows the importance of ensuring those who have worked all their lives can retire with dignity.
We will strengthen the protection for pensioners’ living standards offered by the triple lock by guaranteeing Winter Fuel payments to all but the wealthiest, as well as bus passes and free TV licences to all those currently eligible.
And we will do even more because, unlike other parties, we will stand up for pensioners by standing up to vested interests. This is a better plan for older people.
Labour’s better plan for older people
- Reinforce the protection offered to living standards by the triple-lock by guaranteeing no changes to Winter Fuel Payments except for the richest five per cent of pensioners, and by maintaining universal TV licences and bus passes.
- Cap fees and charges on new products allowing people to draw-down on pension savings so they get protection when they take money out as they do when they put money in.
- Help pensioners struggling with energy bills by freezing gas and electricity prices until 2017 and offering free efficiency improvements to at least 200,000 households at risk of fuel poverty.
- Keep people safe and healthy at home by driving out the culture of 15-minute care slots, bringing in 5,000 new homecare workers, and introducing a new system of safety checks for vulnerable older people.