State pension triple lock

[Harry Bloomfield]

As an actual pensioner, perhaps I can comment?.

Prior to retiring, I heard lots of comment about people struggling financially on their pensions, so I put by a considerable sum as a buffer. Soon after I retired, my partner passed away halving the household income. I was lucky/clever enough to do most all of the work needed around the house/car and everything else. I seriously misjudged my cost of living and how much income I needed and how much could be saved when not going to work.

I have since taken another partner and she contributes towards our running costs, but with her or without her, my buffer amount would have steadily increased. Neither of us are extravagant, but the biggest saving has been the house being fully paid for before retirement. I can though fully understand - someone on a pension, paying a rent and maybe not as able to save money by doing their own repairs, might struggle.

I have no entitlement to any discounts or etc., other than a bus pass, which I make good use of to save getting the car out, a winter fuel payment and a £10 Christmas bonus. They even knocked the free TV license on the head for the over 75's, so not even that to look forward to.

 

[Vinty]

Is "average earnings" relevant to the State Pension?

No.

 

[IT Minion]

No.

Well you're wrong, that's part of the triple lock.

 

[Vinty]

Well you're wrong, that's part of the triple lock.

I know that.
My point is that pension income is not the same as earned income.
I just asked John D what the connection is between pension income and low paid workers.
Does he believe that pensioners should not get an 8% rise just because there are millions of low paid workers in Britain.
If NHS workers are only going to get a 1.5% rise, does this mean that pensioners are to blame.

 

[IT Minion]

If NHS workers are only going to get a 1.5% rise, does this mean that pensioners are to blame.

Why do you, and others, blame this on Pensioners? It's a government decision.

The government thinks it's better to increase pension payments by 8% and 1% (I got that wrong earlier, it's 1%) for NHS staff this year. I don't think that's right.

Interestingly the proposed 12.5% increase that was floated by some NHS unions would be fairly comparable to the expected pensioner increase this year.

We're clearly not all in this together.

 

[big-all]

its the September figure that are used to work out the percentage increase for benefits, which off course includes pension benefits as part off the tripple lock
now the actual level may change in the upcoming 3 months ??
indeed the government can change the triple lock criteria either openly and risk upsetting pensioners or by selective manipulation off the way its calculated to bring it to a level they think they can get away with perhaps to 3.5 or 4.5%??


for example rather than the best /highest percentage dictating the level
they can take the average off the three or even give 40% weight to the lowest percentage and 30% to the other two or what ever ratios it take to come within what they wish to happen

 

[JohnD]

Bad news for pensioners

"Downing St vows to stick with pension ‘triple lock’

No 10 insists committed to pledge despite Treasury concerns on potential £4bn cost of uprating retirement payments"

bearing in mind Johnson's record on truth and broken promises, we can reliably expect the triple lock to be dumped.

 

[Mottie]

bearing in mind Johnson's record on truth and broken promises, we can reliably expect the triple lock to be dumped

No. Boris does what Boris says. Rishi is keeping up the good work.


10.5% this year, 8.5% next year.

 

[noseall]

I thought all the pensioners died due to this virus.

Some Brexers survived.

 

[blup]

The tories are playing games with the triple lock, I suspect they have no intention of giving it up, a pensioners vote is probably worth two or three younger persons vote. Just means less money for the nhs.

Blup

 

[Odds]

The former Conservative leader William Hague has said it is time to ditch the triple lock on pensions – as figures showed the policy meant the state pension was likely to rise by 8.5% in April.

Hague cited a report by the Institute for Fiscal Studies that found that maintaining the triple lock on state pensions could add as much as £45bn a year to the welfare bill by 2050, putting “insurmountable pressure” on the government to increase the minimum retirement age.

H. @The G.

The Tories may as well start packing their boxes at Xmas if they decide to do away with the Triple Lock on pensions.

 

[Murdochcat]

No party would dump the triple lock so close to an election.

Labour will dump it in 2025 if they have a majority

 

[Mottie]

Labour won’t say now that they would do away with it but they’d like to.

 

[gant]

Equals more pensioners paying tax.
It's the threshold people start to pay tax is the rip off and having rely on the state.

 

[Ihavenojob]

Youngsters one day, with luck, will become pensioners. Doing away with the triple lock will affect them just as much as it will affect pensioners. I was opted out at work, so when I eventually get to claim my pension it will be a lot lower than those on the full whack.