The exact year that the triple lock will bankrupt the state pension
https://www.thetimes.com/business-money/money/article/the-exact-year-that-the-triple-lock-will-bankrupt-the-state-pension-ddszp29x5
Posted by bugtheft
The exact year that the triple lock will bankrupt the state pension
https://www.thetimes.com/business-money/money/article/the-exact-year-that-the-triple-lock-will-bankrupt-the-state-pension-ddszp29x5
Posted by bugtheft
36 Comments
2036, saved you a click given its subscription only
The triple lock has to go, much in the same way that the winter fuel payments have to go. I doubt any government has the stomach to actually do away with it though, especially not this one given the backtracking on the winter fuel payment cuts.
Sorry best we can do is raise retirement age to 74.
This topic really deserves way more attention than its getting by the public at large.
So there’s just 11 years before the house of cards comes falling down.
I guess they were right when they say things always come back into fashion… 80s music, 70s clothes, old world diseases, a dickensian welfare system…
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I’m saving and budgeting for my retirement because I know there’s no chance my generation gonna benefit from it.
Nice to know I won’t even be in my 50s and the country will be broke and forced to give me a shiter pension than the ones I’m paying for right now.
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Is anyone under 35 actually expecting a state pension at all by the time we retire at 85?
Colour me surprised.
Imagine having a government policy of increasing state pensions faster than revenue is growing.
The UK can’t “go bankrupt” paying pensions – it issues its own currency.. The real constraint isn’t money, it’s inflation and resource capacity.. The triple lock is a political choice, not a financial emergency..
If it’s becoming unsustainable, the question isn’t “can we afford it?” – it’s “how do we balance fairness across generations without punishing the poorest?” That’s the real debate..
I think this might be the turning point for both Labour and the Tories being frozen out as major parties in the UK.
It’s really not that far away, and I’d expect it to be a discussion point in the next GE, assuming we make it to a full Labour term. While I don’t see Reform making substantial progress, I absolutely can see them hammering Labour and the Tories on this – alongside the Greens or whatever leftist party has any sway with the public.
No disrespect to the elderly but I hate how much the government caters to old people. They are the richest generation (of course there are still elderly who are low income though) yet also receive a disproportionate amount of benefits. It’s no wonder young people are feeling hopeless for the future.
Do away with pensions entirely, both new and old systems, and just have UBI.
Most of the boomers impacted by this would have died of rage-induced heart attacks by then.
2036 – Approximately the year the last boomers will be passing away… Designed as intended then.
Unfortunately the Triple Lock has now become a political weapon.
Any party that puts it in a manifesto to remove it knows that it would hemorrhage votes and vice versa; so no party will do away with it.
Locking it in the first place was a very bad move from the Tory & Lib Dem coalition party.
Maybe I’m too simple but it truly blows my mind that people seem quite happy to accept an ever declining societal standard of living, quality of life and community support rather than dare risk the dangers of making corporations pay tax to support it.
The likes of Starbucks paying no tax at all and Amazon claiming a sale between a uk seller and a uk buyer should pay no UK tax is just ridiculous when we consider the measures we are being asked to accept in exchange.
When the state pension was introduced there were 4:1 retired to workers – now it is 10:1. I shall get a state pension in 4 years, I’d be happy for a decent cut in it if it’ll help young people.
A cut in the pension is coming anyway at some point.
Luckily the Conservatives will be back in power just in time to sell off the NHS and use that money to push this off for another five years… so someone else can deal with it.
*If you can afford to*, now is the time to take a look at your private pension. How much are you putting in? What is your money going into? Can you change that? Is it too safe? You want riskier investments with a longer time horizon. 5-6/7 on the risk index ideally.
There are calculators online for how much better off you’d be (assuming same contribution every month across your working life) and it is informative.
I’m not saying we shouldn’t do anything about the triple lock. Just a sign to bolster your private pension, *if possible*.
Sadly with our self centred and aging population, it’d be political suicide for any party to campaign to get rid of the triple lock.
Pensioners would rather watch the country burn than vote to improve things for future generations.
So you’re saying there’s still 10 more years to kick this can down the road? Done.
I look forward to the triple lock being abolished, but still paying extortionate tax to receive absolutely nothing in return
When will we start to follow France’s lead when it comes to disagreeing with their politics?
I always knew I would never get a state pension, let alone the winter cruise allowance .
That’s five years before my state pension would of kicked it
If you were told that doing something was so bad for you that eleven years from now it’d have fucked you into a corner you can’t get out of you’d (hopefully) stop doing it.
Hopefully.
The sooner we scrap it the better. 2036 is sooner than you think. 2014 wasn’t that long ago.
The triple=lock isn’t the real problem. The problem is the choices made by government, especially overspending. You can see that by the recent benefits vote.
The benefits system as a whole has ballooned way beyond what is affordable. Add to that the same thing happening in the NHS and it becomes clear that etter choices have to be made.
The idea of the triple-lock was to relieve pensioners poverty. It still hasn’t done that because of inflation generally and the delayed rises in the pension. It’s always a year behind inflation.
Whether you agree or not, the pension is part of the social contract and paying taxes over 35 years to claim it is fair. It is not a benefit as some Labour think tank is trying to claim.
In hindsight, it should have been set up like a national wealth fund, instead all governments have spent the money to fulfil their own agendas.
Don’t blame pensioners, blame politicians
Remember that West Wing episode where they tried to sort social security and it nearly destroyed the presidency. Then, two people from either side of the political spectrum came together and got it through?
That it what is needed with the triple lock. A deal between all parties that it has to go, and a press conference with them all. Also an agreement not to use it in future political campaigns as they have all signed up to it.
But how dare you do this to old people. They survived & fougt in the war and worked all their lives for this. The nerve of it to even suggest it…….
Bit late to this one.
Isnt he real problem that NI contributions are not invested in any actual scheme, but treated as tax income. So its not a proper pension fund. There is no investment or growth of fund to pay the pensioners. Its just taken out of future tax collections.
So it was never sustainable to begin with
Yep, it’s going to all work out in such a way that the current boomer generation keeps the triple lock their whole life and our generation will never be able to retire.
Honestly cancel the triple lock out of necessity, and cancel the winter fuel allowance out of spite.
Just a reminder that when May proposed pensions, social care and WFA reforms, Labour chose to score cheap political points rather than doing ehags good for country
https://www.theguardian.com/politics/2017/may/20/jeremy-corbyn-calls-on-theresa-may-to-drop-anti-pensioner-package
This is from the Adam Smith Institute I’d take it with a grain of salt. Hav8ng said that the triple lock is unnecessary.
Everyone ignoring the other option – tax the rich adequately.