What do you think is the future of the UK state pension?

[Olivera]

Gary C said:

HootersGsy said:

Based on annuity numbers I’ve heard recently, about 340k to buy a 8.5k annuity. Not that many people have pension pots of that size.

I find it terrifying that people have pension pots that small, while being in quite well paid jobs.

If you think 340k is 'that small' then you are completely detached from reality. An LV report recently stated that the average defined benefits pot of a 45 year old is a grand total of 60k.

[Condi]

jeff m2 said:

Politically unwise to ef up a quite large proportion of the voting population.

So better to carry on with something totally unsustainable leaving it as a problem for future generations instead?

It's very sad that the political leaders lack the balls to tackle the problem, and not only that but are actually making the problem worse by increasing the spending on pensioners at the same time as those who are paying for it are seeing smaller increases in salary. If you are too stupid to see how that delta is unsustainable then you don't deserve to be in power.

[Gary C]

Olivera said:

Gary C said:

HootersGsy said:

Based on annuity numbers I’ve heard recently, about 340k to buy a 8.5k annuity. Not that many people have pension pots of that size.

I find it terrifying that people have pension pots that small, while being in quite well paid jobs.

If you think 340k is 'that small' then you are completely detached from reality. An LV report recently stated that the average defined benefits pot of a 45 year old is a grand total of 60k.

You did note the 'well paid jobs' bit ?

This person was well paid, now the company is worth a bit but cant be realised as a pension due to it being part ownership with the son and has been taken over by him, but he had not made the pension provision I would have expected for someone on his income.

[robbieduncan]

Some future government will have to drop the triple lock (and then be voted out most likely). Once done the basic state pension will stagnate with well below inflation increases. To make this palatable a means-tested additional state-pension with some well branded name will be introduced. Eventually the real value of the state pension will effectively be means-tested via stealth.

[mart73]

That fact the same think tank which pushed Universal Credit through are already talking of a State Pension age of 75 means it's inevitable at some point.
Quite how long they'll take to phase that in is the big question.
Personally, I think it's madness to push it much higher than 67, most folk simply don't have the energy to be working a full time job at that age, especially more physical, demanding jobs.