Pensioners will only be 8p a week better off than they were in 2009 because of soaring inflation.
A Labour analysis of Bank of England figures shows that annual pensions worth £6,930 thirteen years ago will only see a real terms increase to £6,934 by next March.
And that is £462 down on April this year at 2022 prices as rising inflation whittles away retirement income.
Shadow Work and Pensions Secretary Jonathan Ashworth said: “Having promised at the General Election to help pensioners with the cost of living, the Conservatives then broke the triple lock.
“That means the State Pension has been slashed in real-terms and pensioners face hardship. They deserve so much better.”
Pensioners received a 3.1% increase in April bringing the basic pension to £141.85 a week.
It is now worth £7,376.20 a year - up from £7,155.20 in 2021.
But the Tories reneged on their triple lock pledge to raise pensions in line with whichever was higher of earnings, inflation or 2.5%.
The lock was to ensure the value of pensions continued to increase no matter what the economic circumstances.
The Tories say they will bring back the triple lock next year although Welfare Secretary Therese Coffey admitted that promise is still subject to review.
She cited costs from the Covid pandemic as justification for abandoning it this year, a claim Labour dismissed as a “smokescreen” so the Treasury could pocket the savings.
Dennis Reed of campaign group Silver Voices said: “These figures disprove the notion that older people are better off’ than most in facing the cost of living crisis..
“Older people have nowhere to turn with winter around the corner, and pensioner poverty will spiral out of control.”
Now he wants Tory leadership candidates Rishi Sunak and Liz Truss to commit to a £200 a week minimum pension guarantee and restore free TV licences to the over 75s,
A DWP spokesperson said: “The full yearly amount of the basic State Pension is now over £2,300 higher than in 2010 and there are 400,000 fewer pensioners in absolute poverty after housing costs.”
