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State pensioners are being warned Labour has "turned its back" on 430,000 of them. The Telegraph has detailed how the Labour Party government has handed retirement schemes £45m of savings while payouts remain capped or frozen.

The Pension Protection Fund (PPF), announced last week that it would reduce its annual levy on pension providers to zero. It means pension firms, which fund the scheme, will receive a multimillion-pound saving.

But 430,000 retirees who rely on the PPF are stuck on pensions that are frozen or capped at increases of 2.5 per cent each year. One 74-year-old told the newspaper he will lose more than £100,000 from the lack of indexation.

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He said: “It’s utterly immoral. It’s one thi

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