State pension increase - good, bad, indifferent

[crankedup5]

The State pension increased by 10.1% in the budget, the triple lock has been maintained ensuring a minimum level of income for those eligible. This is perhaps twice that of current work pay increases. Good, bad, indifferent.

[Countdown]

All three

Good because UK pensions are the lowest of all developed European countries.
Bad because we don't pay enough tax to fund them.
indifferent because it doesn't form a major part of my retirement plans

[sugerbear]

Considering only a few months back there wasn't anything available to nurses/doctors/train drivers etc it seems there really is a magic money tree.

[Super Sonic]

sugerbear said:

Considering only a few months back there wasn't anything available to nurses/doctors/train drivers etc it seems there really is a magic money tree.

Wether they need it or not.

[Dynion Araf Uchaf]

sugerbear said:

Considering only a few months back there wasn't anything available to nurses/doctors/train drivers etc it seems there really is a magic money tree.

pensioners vote tory. A disproportionate amount of voters are pensioners.

Money is found if it helps keep you in power.

The nurses would have got their pay rise if they promised to vote tory in future.

[crankedup5]

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

[Countdown]

crankedup5 said:

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

Some won't be claiming for another 50 years. Retaining the Triple Lock actually means that the value of the pension will go up in some years when inflation is below 2.5%.

IMO the State pension should be means tested.

[Electro1980]

crankedup5 said:

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

The triple lock ensures the state pension gains value. It’s going to have to be dropped at some point, so the question really is when rather than if it should be. You simply can’t have it keep going up by the higher of three linked values forever.

[speedyman]

Percentages rises are a crude method of measuring the actual buying power of a state pension. In cash terms the rise is only £18.70 a week, taking a state pension to £203.85 a week. The state pension has been far to low for years to survive on. A single person would need £12,800 a year to cover just a ‘minimum’ retirement lifestyle. Low pay and lack of private provision for the lower paid is finally being addressed. A problem that had been brewing for years through lack of political will and downward pressure on pay from employers. All my state pension is taken back as tax, because i also have a private pension. Lucky me.

[GT03ROB]

Countdown said:

IMO the State pension should be means tested.

It is. You give 40% back if your income exceeds. 50k & 20% back on everything over 12k

[SunsetZed]

Countdown said:

crankedup5 said:

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

Some won't be claiming for another 50 years. Retaining the Triple Lock actually means that the value of the pension will go up in some years when inflation is below 2.5%.

IMO the State pension should be means tested.

I hear this a lot, how would you means test it?

[Countdown]

SunsetZed said:

Countdown said:

crankedup5 said:

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

Some won't be claiming for another 50 years. Retaining the Triple Lock actually means that the value of the pension will go up in some years when inflation is below 2.5%.

IMO the State pension should be means tested.

I hear this a lot, how would you means test it?

Make it the same as the Pension Credit.

[Biggy Stardust]

People have up to 50 working years to provide for their old age but it amazes me how few make any provision at all then moan when state pensions are insufficient for their wishes.

[HustleRussell]

Just another thing that I am paying for which I doubt will be there for me when I need it.

Also, this and this;

sugerbear said:

Considering only a few months back there wasn't anything available to nurses/doctors/train drivers etc it seems there really is a magic money tree.

Dynion Araf Uchaf said:

pensioners vote tory. A disproportionate amount of voters are pensioners.

Money is found if it helps keep you in power.

The nurses would have got their pay rise if they promised to vote tory in future.

[Blue62]

Biggy Stardust said:

People have up to 50 working years to provide for their old age but it amazes me how few make any provision at all then moan when state pensions are insufficient for their wishes.

I guess some people don’t have enough disposable income left over to be put away for pension provision. I’m not sure it’s about ‘wishes’ either, more about ‘needs’.

[Bluequay]

Countdown said:

SunsetZed said:

Countdown said:

crankedup5 said:

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

Some won't be claiming for another 50 years. Retaining the Triple Lock actually means that the value of the pension will go up in some years when inflation is below 2.5%.

IMO the State pension should be means tested.

I hear this a lot, how would you means test it?

Make it the same as the Pension Credit.

Why should it be means tested? why should people be expected to fund others retirement and then receive nothing themselves just because they have saved an arbitary amount. We pay national insurance we receive a pension, if you want to break the link then it has to go both ways.

[Pitre]

Countdown said:

All three

Good because UK pensions are the lowest of all developed European countries.
Bad because we don't pay enough tax to fund them.
indifferent because it doesn't form a major part of my retirement plans

...Is the correct answer.

[SunsetZed]

Countdown said:

SunsetZed said:

Countdown said:

crankedup5 said:

I support the NHS doctors/nurses/ paramedic staff in their quest for a decent pay rise. The degradation of their pay over the past decade or more is shameful Tory policy which has now come to a head.
Back on topic, most people in work today will soon become pension claimants (hopefully). For this reason it is important to retain the triple lock on pensions that will ensure the value of the pension payment is kept.

Some won't be claiming for another 50 years. Retaining the Triple Lock actually means that the value of the pension will go up in some years when inflation is below 2.5%.

IMO the State pension should be means tested.

I hear this a lot, how would you means test it?

Make it the same as the Pension Credit.

Sounds pretty harsh. And how much notice would you give people that you were doing this so that they could adjust their retirement plans to factor in the fact that they may now not be getting a state pension.

Not to mention that currently all employees pay national insurance contributions so that they qualify for a state pension, presumably you're not going to take away what they've already paid in are you?

Implementing means testing on state pension would need a huge transition period to be done fairly imo.

[Countdown]

Bluequay said:

Why should it be means tested? why should people be expected to fund others retirement and then receive nothing themselves just because they have saved an arbitrary amount. We pay national insurance we receive a pension, if you want to break the link then it has to go both ways.

It should be means tested so that taxpayers are only paying for those that really need it, and not for those that have £1m plus pension pots. The issue is that most people don't pay enough NI to cover the cost of providing a State pension. You would need a pot in the region of £200k in order to generate £12k a year and not many people pay £200k in NI over their working lives. That also assumes that ALL of your NI is used to contribute towards your SP and none of it is used to fund other benefits.

The more people who demand that the State gives them money, the more pressure there is to raise taxes.

[Biggy Stardust]

Blue62 said:

Biggy Stardust said:

People have up to 50 working years to provide for their old age but it amazes me how few make any provision at all then moan when state pensions are insufficient for their wishes.

I guess some people don’t have enough disposable income left over to be put away for pension provision. I’m not sure it’s about ‘wishes’ either, more about ‘needs’.

Up to 50 years of poor life choices can be a real bugger.