THE Tories have been accused of "hammering" Scottish pensioners after new analysis showed the UK Budget is set to see pensioners lose out on thousands of pounds.

Analysis from former UK pensions minister Sir Steve Webb shows pensioners will lose £520 next year, and a cumulative £2600 over the next five years, as a result of Chancellor Rishi Sunak's decision to scrap the Triple Lock for state pensions.

With the OBR forecasting inflation will rise by over 4%, it means millions of pensioners could end up with a real terms cut in their state pension next year.

Sunak was also accused of "failing" to reverse the Tory decision to scrap the free TV licence for over 75s and delivering an increase to key social security payments for pensioners, including the winter fuel payment, cold weather payment and the warm homes discount.

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Ian Browne, a retirement planning expert at Quilter, described this as "a huge blow to millions across the UK".

In March, the UK Government's Households Below Average Income (HBAI) statistics revealed UK pensioner poverty levels have risen to a 15 year high - with 2.1 million UK pensioners (18%) now living in poverty after housing costs, an increase of 200,000 on 2018/19.

Separate analysis from the House of Commons Library, in June, revealed UK pensions are the least generous in north west Europe by comparison to the average wage. UK pensioners currently receive around a quarter (28%) of the average working wage. In stark contrast, pensioners in Luxembourg and Austria receive 90%.

Commenting, SNP Pensions spokesperson Amy Callaghan MP said: "After a decade of Tory austerity cuts, millions of older people are now living in poverty and the UK has one of the worst state pensions in the developed world.

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"It beggars belief that, instead of tackling this Tory poverty crisis, the Chancellor is making it even worse by scrapping the Triple Lock and freezing benefits older people depend on.

"By choosing to make these damaging cuts, the Tory government has taken hundreds of pounds away from Scottish pensioners and will leave many struggling to get by.

"The Tories should be ashamed that pensioner poverty is at a 15 year high on their watch.

"It's increasingly clear that the only way to keep Scotland safe from these Tory cuts is to become an independent country, with the full powers needed to protect pensioners and tackle poverty."