Mollie Nixon, Carlisle Socialist Students
Earlier this month, Andy Burnham revealed Labour’s plan to axe the pensions triple lock in 2030, aiming to reduce state spending. Their proposal is to weaken the state pension, meaning that, by 2050, retirees will have had an estimated £50 billion pinched off of them.
The triple lock was introduced in 2011 off the back of disgracefully high rates of pensioner poverty in the UK. It was a government commitment, which went above their legal requirement, to increase the state pension each year by whichever of the following three percentages was the highest: average wage growth, inflation, or 2.5%.
The Triple Lock has typically been seen as untouchable, as pensioners are such an important voter base. However, amid global crises and the weakening of traditional capitalist parties, governments are increasingly willing to roll back longstanding concessions to cut costs and protect profits.
Despite what the media may suggest, the average pensioner is not wealthy. Although the Triple Lock has helped reduce pensioner poverty, rates have begun to rise again. With the current state pensions amongst the lowest in the G7 countries, Burnham’s proposal risks pushing more pensioners into serious financial hardship.
We reject the cynical argument that cutting pensions is beneficial for young people or could fund support for NEETS (young people Not in Employment Education or Training). Even if it did, what happens to us when we retire? Already, 43% of working-age people cannot afford to save enough for retirement. Cutting pensions today risks leaving tomorrow’s retirees in even greater poverty. Instead of blaming each other, workers of all ages must unite and realise that there is a group of people in society hoarding the wealth that could finance Gen Z, and it’s not the pensioners!
Defending the Triple Lock will require trade unions to organise workers and pensioners in mass protest and strikes. Students must also play a role, and mobilise for the international youth strikes on 20 November, emphasising that fighting for our future also means fighting for our pensions!
Burnham has outlined a plan to use the money saved on pensions to fund a National Care Service – but why should it be one or the other?
Only through a socialist transformation of society could the constant fight for scraps of welfare truly end. A system based on collective, democratic ownership would put human needs before profit, ensuring everyone gets to enjoy a secure future and a dignified retirement.
