UK’s pension triple lock to cost three times’ higher
https://www.bbc.co.uk/news/articles/cy7nv3pdgr4o
Posted by SMURGwastaken
UK’s pension triple lock to cost three times’ higher
https://www.bbc.co.uk/news/articles/cy7nv3pdgr4o
Posted by SMURGwastaken
24 Comments
We all know the triple lock needs to be scrapped eventually, but the problem is that it’s political suicide for any party that does it. Just look at the crazy pushback against the WFA changes for an idea of what the reaction would be
The millions of unskilled migrants labour imported in the 90-00’s are now getting old themselves. Completely ruining the pension pyramid scheme. Well thought out Blair, well done!
I’m generally pro-pensioner but anti triple lock, just economic kamikaze in slow motion. However this kind of bollocks cannot the allowed to stand:
“especially because the amount actually paid was far from the most generous state pension in Europe”
The median UK pensioner has the higher end of take home in Europe, because we have a hybrid system based on work place pensions. It’s always apples and oranges, like “Spain has really good state pensions”… yeah, if you whack coal miners and state workers into the median it looks great but for everybody else it’s not so good.
Is anyone else wondering if the tide is slowly starting to turn against this now? It’s been in the news constantly for the past few weeks/months.
Feels like the Overton window may be starting to shift
Why don’t we just print more money, like we did to bail out the bankers and to deal with Covid
It is insanity that the richest generation who did nothing but take from this country keeps getting money thrown at them just because they are the biggest voting block.
The comments on the BBC page goes to show the demographic that use that site.
No means test – let tax deal with wealthy pensioners – IHT changes will mean they’re more likely to spend or give away during retirement or be taxed on it too
Either ditch triple lock and just put index link with a 2.5% cap like DB pensions tend to have, or ditch completely and set state pension as 40-50% of national minimum wage and track it that way
Let’s make this easy for people.
If we scrapped it, those of us and I will assume 18 to 40, will still be worst off, ultimately I will ask one question.
What benefit do we actually get? You wont get lowered taxes, you wont get a rebate, you’ll get nothing.
As much as I dislike how sacred the pension triple lock is too everything else, we need it to stay like this. Not for the wealth rich generations benefit but for those after in the future. You think you’re struggling now, wait another 40 plus years when you can’t work and reliant on your pension but you don’t have the assets to fall back on the current generation of pensioners do.
It’s not like we can halt the rises now and then do a massive increase later when the poorer generations retire, we need continued small increases over an extended period.
First the notion that people have paid into a system and are owed a pension from the state needs to be dispelled. The money people pay in NI contributions is spent immediately, there is no pot or investment, it gets spent to the penny and then some.
The state pension needs to be means tested in the same way as universal credit, all it should do is stop the poorest pensioners living in poverty.
Our birth rates are falling, our economy will continue to stagnate as our population pyramid inverts. Unless something drastic is done we are on a pretty catastrophic trajectory.
Our state pension is far worse than other EU countries.
Why not have a wealth tax on people with assets > £10m and raise corporation tax and equity tax.
I have a SIPP and happy to pay extra tax on the that.
It’s clear that the Government did not understand what actual periods of high inflation look like when they brought in the triple lock.
High inflation mostly happened from about mid-2021 to mid-2023. Then wage growth caught up, from about mid-2023 to present.
So workers get two years of unusually fast-rising prices eventually offset by two years of unusually fast-rising wages (there’s also obviously effects from the wage rise coming *after* prices have risen). But pensions just rise at an unusually fast rate for four years.
Funny how this is a ‘sudden’ realisation – after 14 years…
It’s like no one knows how mathematics (and compounding) works
We need a bold government to get rid of this. Goes without saying we don’t have that nor are we likely to anytime soon
No doubt they will stop it when I retire in like 20 fucking years
I’m sure it will be scrapped at some point but the issues surrounding it are nothing compared to the relentless rise of AI. I’d worry more about whether any of you have a job. Geoffrey Hinton the socalled Godfather of AI said that it will wipeout most jobs. He thought plumbing would be safe though!
We should remove the inflation lock. That way pensioners, and the people they vote for, would have an incentive to raise wages and reduce inflation. Wage growth then means tax revenue growth, which means better services for all.
Based boomers bankrupting the country so they can drink pints in spoons all day
> ‘Unsustainable’ The OBR said the cost of the state pension has risen steadily over the past eight decades, from around 2% of the UK economy to a current 5%, equating to £138bn. It is forecast to increase to 7.7% of the economy by the early 2070s.
Ok, I agree. The triple lock need cut but I’m only willing to see that happen IF disability benefit spending is also drastically cut and brought in line with inflation. People are such virtue virtue signallers. The disability benefit bill is predicted to rise four times faster than the pension bill.
It accounted for 1.4% of the economy pre COVID and is predicted to be 2% in the next four years. That is even more unsustainable long term. I’m not willing to see pensions cut just it to go towards another black hole. Stop punishing working class people.
Like everything else in this country, it’s always the next lot’s problem
Genuinely what is the point in being a young person in this country. Working so hard for increased tuition fees, a job market where all the good entry level jobs have been replaced by AI, and then if you finally battle through and get a good job, you’re faced with an impossible to enter housing market.
And then half your salary goes to funding millionaire pensioners holidays in the Mediteranean, while they vote for it all to get worse every year.
Show the general electorate an ELI5 breakdown of the savings gained scrapping it and how 99% of OaPs wouldn’t see a significant change in their lives without it – then it may move the dial.
Obviously don’t frame it as ‘wrinklies no different to dole bludgers’. Just give the public numbers and simple stats that can’t be countered.
‘Cos out there in the real world, a lot of people honestly feel like ‘that’ generation is taking the piss.
There is an incredible amount of ageism in the Uk against young people and for the old