It comes at a time when UK households are paying more for essentials, and pensioners will be feeling the brunt of the inflated cost of living.
While new annual data from the Department for Work and Pensions shows the state pension has been uprated so pensioners received equivalent amounts each year, it’s not enough to stave off the effects of the burgeoning crisis that is fast becoming unmanageable.
Becky O’Connor, Head of Pensions and Savings, interactive investor, said: “Although state pension upratings have largely kept pace with CPI inflation, it isn’t enough to feel satisfied that all pensioners are able to keep up with the rising cost of living.
“Inflation is a subjective experience and can be different for different households.
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