Pensions increase 2021

[crankedup]

Pensions set to increase £228.82 next year thanks to ultra low inflation which in itself is destroying any savings pensioners have tucked away. Such is life, tens of thousands of people are losing their jobs so it seems a little crass to moan about such a small increase on the pension. Until that is we learn that MPs have just awarded themselves £3500 annual increase for the same period.
We are all in this together has a hollow ring to it.

[PrinceRupert]

crankedup said:

Pensions set to increase £228.82 next year thanks to ultra low inflation which in itself is destroying any savings pensioners have tucked away. Such is life, tens of thousands of people are losing their jobs so it seems a little crass to moan about such a small increase on the pension. Until that is we learn that MPs have just awarded themselves £3500 annual increase for the same period.
We are all in this together has a hollow ring to it.

Your second statement is incorrect. MP salaries are set by an independent remuneration committee, not by MPs, and increases are linked to the average increase in public sector pay.

[crankedup]

PrinceRupert said:

crankedup said:

Pensions set to increase £228.82 next year thanks to ultra low inflation which in itself is destroying any savings pensioners have tucked away. Such is life, tens of thousands of people are losing their jobs so it seems a little crass to moan about such a small increase on the pension. Until that is we learn that MPs have just awarded themselves £3500 annual increase for the same period.
We are all in this together has a hollow ring to it.

Your second statement is incorrect. MP salaries are set by an independent remuneration committee, not by MPs, and increases are linked to the average increase in public sector pay.

Thanks for correction.
I wonder if any of the MPs will have the dignity to refuse the increase or hand it to charity ? Seems a large increase in times of hardship, perhaps they need to turn the pay tap down a little.

[markymarkthree]

What pension is increasing to £228.82 ? i thought the Gov pension was about £175.

[LordGrover]

I never used to be too concerned about pensions.
Oddly though, lately I've been only too keen to see it at least keep up.

[king arthur]

markymarkthree said:

What pension is increasing to £228.82 ? i thought the Gov pension was about £175.

Increase by I think, not increase to.

[PrinceRupert]

crankedup said:

Thanks for correction.
I wonder if any of the MPs will have the dignity to refuse the increase or hand it to charity ? Seems a large increase in times of hardship, perhaps they need to turn the pay tap down a little.

Keir Starmer has already said MPs shouldn't get it: https://www.cityam.com/sir-keir-starmer-mps-should...

That article says a couple of Tories have also criticised it, with Nadhim Zahawi saying he will donate his rise.

Of course, for many MPs who are independently wealthy, the salary doesn't matter so much ...

[KingNothing]

Yeah, I've already been told I'm not getting a pay rise next year, so anybody getting anything is better than nothing.

You're not one of those people who think MP's should be working for minimum wage are you, you sound like it.

[Gecko1978]

PrinceRupert said:

crankedup said:

Thanks for correction.
I wonder if any of the MPs will have the dignity to refuse the increase or hand it to charity ? Seems a large increase in times of hardship, perhaps they need to turn the pay tap down a little.

Keir Starmer has already said MPs shouldn't get it: https://www.cityam.com/sir-keir-starmer-mps-should...

That article says a couple of Tories have also criticised it, with Nadhim Zahawi saying he will donate his rise.

Of course, for many MPs who are independently wealthy, the salary doesn't matter so much ...

Alex Salmond talked about donating his rise, paid it to a chairty he controlled that never made any onward onward donations but he did attend a lot of charity events.

[crankedup]

PrinceRupert said:

crankedup said:

Thanks for correction.
I wonder if any of the MPs will have the dignity to refuse the increase or hand it to charity ? Seems a large increase in times of hardship, perhaps they need to turn the pay tap down a little.

Keir Starmer has already said MPs shouldn't get it: https://www.cityam.com/sir-keir-starmer-mps-should...

That article says a couple of Tories have also criticised it, with Nadhim Zahawi saying he will donate his rise.

Of course, for many MPs who are independently wealthy, the salary doesn't matter so much ...

I could have/should have written my OP much clearer. But it will not be a good look when the MPs pay rise is splashed across the media as surely it will be. Put against the waves of job losses and pension increase £3500 seems out of kilter imo.

[Stay in Bed Instead]

crankedup said:

Pensions set to increase £228.82 next year thanks to ultra low inflation which in itself is destroying any savings pensioners have tucked away.

How many 'spoons liquid lunches will that buy?

[Condi]

crankedup said:

Pensions set to increase £228.82 next year thanks to ultra low inflation which in itself is destroying any savings pensioners have tucked away. Such is life, tens of thousands of people are losing their jobs so it seems a little crass to moan about such a small increase on the pension. Until that is we learn that MPs have just awarded themselves £3500 annual increase for the same period.
We are all in this together has a hollow ring to it.

Pensioners are still guaranteed the triple lock though, so whatever happens their income will still go up more than the average employee.

Not that the young and working populations are bitter about this, at the moment they're too worried about having any job, and by the time they get to retirement the state pension will likely either not exist, or be released at such an old age most will have died before getting it.

But hey, lets not upset the pensioners, otherwise they'll vote for someone else.

[sherman]

KingNothing said:

Yeah, I've already been told I'm not getting a pay rise next year, so anybody getting anything is better than nothing.

You're not one of those people who think MP's should be working for minimum wage are you, you sound like it.

I got told the other day Im getting a payrise. 27p extra an hour I shall try not to spend it all at once.

[Red 4]

State pension is still subject to the triple lock isn't it ?

That means minimum 2.5℅ increase.

So if inflation is below that pensioners will still see an increase in their spending power.

What's the problem here ?

[PF62]

PrinceRupert said:

Your second statement is incorrect. MP salaries are set by an independent remuneration committee, not by MPs, and increases are linked to the average increase in public sector pay.

To be more precise, MP salaries increases are linked to the average increase in public sector pay bill.

Lots of people equate that with public sector pay rises but that is not correct and not the same thing at all. Even if there were no public sector pay rises but the pay bill rose because, for example, the government hired some more senior civil servants, that would generate a pay rise for MPs.

[markymarkthree]

king arthur said:

markymarkthree said:

What pension is increasing to £228.82 ? i thought the Gov pension was about £175.

Increase by I think, not increase to.

Ahh! thanks.

[voyds9]

PrinceRupert said:

Your second statement is incorrect. MP salaries are set by an independent remuneration committee, not by MPs, and increases are linked to the average increase in public sector pay.

The whole of the public sector is averaging a 4% pay rise?

[dai1983]

Stay in Bed Instead said:

How many 'spoons liquid lunches will that buy?

Think he's gonna donate it to charity like he suggested the MPs all do to show they have dignity.

[mike9009]

KingNothing said:

Yeah, I've already been told I'm not getting a pay rise next year, so anybody getting anything is better than nothing.

You're not one of those people who think MP's should be working for minimum wage are you, you sound like it.

Yep I have taken a 20% pay cut for most this year, and a 12.5% cut from Nov moving forward..... and no bonus.

But at least I still have a job.

Manufacturing aerospace parts at the moment is dire.

I suppose there is an argument that increasing public sector wages pumps more into the economy, but it is a law of diminishing returns....... Spend the money on infrastructure projects.....

[crankedup]

Condi said:

crankedup said:

Pensions set to increase £228.82 next year thanks to ultra low inflation which in itself is destroying any savings pensioners have tucked away. Such is life, tens of thousands of people are losing their jobs so it seems a little crass to moan about such a small increase on the pension. Until that is we learn that MPs have just awarded themselves £3500 annual increase for the same period.
We are all in this together has a hollow ring to it.

Pensioners are still guaranteed the triple lock though, so whatever happens their income will still go up more than the average employee.

Not that the young and working populations are bitter about this, at the moment they're too worried about having any job, and by the time they get to retirement the state pension will likely either not exist, or be released at such an old age most will have died before getting it.

But hey, lets not upset the pensioners, otherwise they'll vote for someone else.

True the triple lock is still in place although I did hear muttering that it is possible that may be recinded.
I don’t think it’s fair to lump all pensioners into the same box, after all look at Mr Branson for example