| The state pension will rise by 4.7% next year. 16:47 - Sep 16 with 1717 views | noggin |
Brace yourselves for the “We can’t afford it” overreaction. |  |
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| The state pension will rise by 4.7% next year. on 16:54 - Sep 16 with 1444 views | SuperKieranMcKenna |
I mean even the social democrats in the Nordic countries have worked that out. Petro-state aside they now have some of the highest retirement ages in the developed world. Other than Norway with its fossil fuel wealth fund, they are effectively Ponzi schemes.
Those that are taking it shouldn’t be punished, but it is definitely unsustainable in its current guise. We aren’t paying enough in, and it isn’t a fast growing pot like with private pensions. I expect as a millennial I won’t ever receive a state pension and I’m okay with that so long as the money is invested in public services. |  | | |
| The state pension will rise by 4.7% next year. on 16:56 - Sep 16 with 1415 views | J2BLUE |
More than my pay rise this year.
Do you ever post anything other than stirring threads? |  |
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| The state pension will rise by 4.7% next year. on 17:02 - Sep 16 with 1378 views | noggin |
| The state pension will rise by 4.7% next year. on 16:54 - Sep 16 by SuperKieranMcKenna |
I mean even the social democrats in the Nordic countries have worked that out. Petro-state aside they now have some of the highest retirement ages in the developed world. Other than Norway with its fossil fuel wealth fund, they are effectively Ponzi schemes.
Those that are taking it shouldn’t be punished, but it is definitely unsustainable in its current guise. We aren’t paying enough in, and it isn’t a fast growing pot like with private pensions. I expect as a millennial I won’t ever receive a state pension and I’m okay with that so long as the money is invested in public services. |
My work based pension is linked to the state pension. The more my work based pension pays me, the less I will receive from the state. Maybe something like that is the solution in the UK.
I think a bigger worry for the younger generation is that they can’t afford to buy a property. Increasing rents will become unaffordable for, not just pensioners but also working people. | |
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| The state pension will rise by 4.7% next year. on 17:05 - Sep 16 with 1346 views | DJR |
I'm due to get the state pension later this year and if it were down to me an individual or couple with other pension income above a certain amount (£30,000?) wouldn't get the triple lock.
That at least would be a starting point, but politically I suppose it could only apply to those coming up to pension age.
[Post edited 16 Sep 17:09]
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| The state pension will rise by 4.7% next year. on 17:12 - Sep 16 with 1287 views | JakeITFC |
| The state pension will rise by 4.7% next year. on 17:02 - Sep 16 by noggin |
My work based pension is linked to the state pension. The more my work based pension pays me, the less I will receive from the state. Maybe something like that is the solution in the UK.
I think a bigger worry for the younger generation is that they can’t afford to buy a property. Increasing rents will become unaffordable for, not just pensioners but also working people. |
And also create greater disparity when those with parents who don’t own a home won’t get an inheritance against those that will.
There is a horrible gap that is widening before our eyes and a lot of hate being directed at the wrong places because of it. |  | | |
| The state pension will rise by 4.7% next year. on 17:13 - Sep 16 with 1275 views | noggin |
| The state pension will rise by 4.7% next year. on 17:12 - Sep 16 by JakeITFC |
And also create greater disparity when those with parents who don’t own a home won’t get an inheritance against those that will.
There is a horrible gap that is widening before our eyes and a lot of hate being directed at the wrong places because of it. |
This 100% | |
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| The state pension will rise by 4.7% next year. on 17:15 - Sep 16 with 1254 views | Axeldalai_lama |
| The state pension will rise by 4.7% next year. on 17:05 - Sep 16 by DJR |
I'm due to get the state pension later this year and if it were down to me an individual or couple with other pension income above a certain amount (£30,000?) wouldn't get the triple lock.
That at least would be a starting point, but politically I suppose it could only apply to those coming up to pension age.
[Post edited 16 Sep 17:09]
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I assume the trouble with that, and similar things is the admin and policing, and means testing of such potentially good ideas, would cost most of the money you'd realistically save. |  | | |
| The state pension will rise by 4.7% next year. on 17:17 - Sep 16 with 1236 views | Radlett_blue |
The Triple Lock has become another sacred cow of entitlement that no government will risk abolishing, especially as pensioners have a greater propensity to vote. |  |
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| The state pension will rise by 4.7% next year. on 17:20 - Sep 16 with 1210 views | DJR |
| The state pension will rise by 4.7% next year. on 17:17 - Sep 16 by Radlett_blue |
The Triple Lock has become another sacred cow of entitlement that no government will risk abolishing, especially as pensioners have a greater propensity to vote. |
Bloody old codgers!  | | | |
| The state pension will rise by 4.7% next year. on 17:20 - Sep 16 with 1201 views | Axeldalai_lama |
| The state pension will rise by 4.7% next year. on 17:02 - Sep 16 by noggin |
My work based pension is linked to the state pension. The more my work based pension pays me, the less I will receive from the state. Maybe something like that is the solution in the UK.
I think a bigger worry for the younger generation is that they can’t afford to buy a property. Increasing rents will become unaffordable for, not just pensioners but also working people. |
This seems like a very sensible idea. It would require all company pensions to be registered and checked by the government in some capacity I guess but not a huge means testing, and would remove some of the wealthy completely as they seem to pay huge chunks into their pension to avoid income tax or whatever.
It would get my vote. I assume the usual suspects would moan about picking on those working harder or some nonsense, but something's got to give and that seems the best plan I've heard so far, and targets the right people. And it could be widened as and when. | | | |
| The state pension will rise by 4.7% next year. on 17:22 - Sep 16 with 1181 views | JakeITFC |
| The state pension will rise by 4.7% next year. on 17:05 - Sep 16 by DJR |
I'm due to get the state pension later this year and if it were down to me an individual or couple with other pension income above a certain amount (£30,000?) wouldn't get the triple lock.
That at least would be a starting point, but politically I suppose it could only apply to those coming up to pension age.
[Post edited 16 Sep 17:09]
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I’m in my mid-thirties and I expect most people my age who think about their retirement are probably not expecting a state pension at all (or at best at some age well over 70) but even at my age a lot of people would have contributed around half of their necessary NI payments and so you’d piss off a few generations of people in ever agreeing to do it.
It is obviously the right thing to do because the cost is just going to increase hugely over time and the tax take won’t be able to keep up, but it will probably be political suicide for whoever does it. | | | |
| The state pension will rise by 4.7% next year. on 17:25 - Sep 16 with 1153 views | DJR |
| The state pension will rise by 4.7% next year. on 17:22 - Sep 16 by JakeITFC |
I’m in my mid-thirties and I expect most people my age who think about their retirement are probably not expecting a state pension at all (or at best at some age well over 70) but even at my age a lot of people would have contributed around half of their necessary NI payments and so you’d piss off a few generations of people in ever agreeing to do it.
It is obviously the right thing to do because the cost is just going to increase hugely over time and the tax take won’t be able to keep up, but it will probably be political suicide for whoever does it. |
If there were no state pension, I think there would have to be a guaranteed retirement income and in my view it would have to be quite a bit higher than the limit for pension credit. | | | |
| The state pension will rise by 4.7% next year. on 17:32 - Sep 16 with 1110 views | Meadowlark |
| The state pension will rise by 4.7% next year. on 16:56 - Sep 16 by J2BLUE |
More than my pay rise this year.
Do you ever post anything other than stirring threads? |
But less than minimum wage..... |  | | |
| The state pension will rise by 4.7% next year. on 17:43 - Sep 16 with 1068 views | PrideOfTheEast |
| The state pension will rise by 4.7% next year. on 17:22 - Sep 16 by JakeITFC |
I’m in my mid-thirties and I expect most people my age who think about their retirement are probably not expecting a state pension at all (or at best at some age well over 70) but even at my age a lot of people would have contributed around half of their necessary NI payments and so you’d piss off a few generations of people in ever agreeing to do it.
It is obviously the right thing to do because the cost is just going to increase hugely over time and the tax take won’t be able to keep up, but it will probably be political suicide for whoever does it. |
It feels like there would be a solution, or combination of solutions to soften that blow. The value of a state pension is around £12k isn't it, so probably worth £250kish overall so it's difficult to solve.
e.g. could there be a partial concession on IHT if you were to waive it. Could you receive a bigger ISA allowance now, could you get a bigger tax deduction between say ages 50 to 60 for private pension contributions etc.
Obviously somebody would have to do the maths on these types of things but some will see value in starting to accrue a different benefit earlier which I would imagine could ultimately cost the country less. | | | |
| The state pension will rise by 4.7% next year. on 17:51 - Sep 16 with 1008 views | Pinewoodblue |
Well I’m not sure what I will spend my extra £7.70 a week on.
Correction it won’t be as much as that as they will claw back 20% of it in income tax and if I spend it on the High Street they will get 20% of what I spend back in VAT.
My last day gainfully employed was 14 years ago yesterday. |  |
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| The state pension will rise by 4.7% next year. on 18:44 - Sep 16 with 828 views | earlsgreenblue |
Bloody good job, if like me when you started working & based my private pension, mortgage, everything on retirement at 65 only to be told 40 + years later, “ sorry it’s now 67yrs” before you can put ya hand out, never claimed dole, paid in a small fortune in taxes etc, look after them that put in before handing it out to those that haven’t……..rant over. | | | |
| The state pension will rise by 4.7% next year. on 18:53 - Sep 16 with 752 views | jaykay |
not sure how these facts work for state pensions. as of 2023 more people die than people born. at least 92000 in 2022 died just before they receive their state pensions |  |
| forensic experts say footers and spruces fingerprints were not found at the scene after the weekends rows |
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| The state pension will rise by 4.7% next year. on 18:59 - Sep 16 with 730 views | homer_123 |
Basically it's good but scary.
It takes the full new State Pension to about £241.05 a week (~£12,535 a year); the pre-2016 basic rate would rise to ~£184.75. This helps pensioners keep pace with living costs and living standards as wages rise.
It also reduces the risk of pensioner poverty and smooths spending for people mostly reliant on the State Pension. So, you can see why triple lock is popular. However....
It’s expensive and unpredictable for the public finances. The OBR projects State Pension spending could reach ~7.7% of GDP by the 2070s under the triple lock, that is significantly higher than an earnings-only link!!!!
What are the other options, well....a few:
1. Replace the triple lock with a “smoothed earnings link”. Set the pension at a clear share of average earnings (around today’s level) and maintain it over time, with a floor in bad years and a cap in spikes. This protects living standards, avoids ratchets, and makes costs predictable.
2. Target ancillary support, not the core pension. Keep the State Pension universal (simple and with high take-up), but means-test add-ons such as Winter Fuel Payments (already tightened so most recipients must be on Pension Credit). I know, I know WFP is a sore subject but you get the point.
3. Boost private saving so future reliance on the State Pension is lower. Extend and strengthen auto-enrolment (earlier entry, coverage of more part-time/low-paid workers, and phased-up minimum contributions). That’s a medium-term fiscal win and improves adequacy.
You can see why no one wants to grasp this nettle though.... |  |
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| The state pension will rise by 4.7% next year. on 19:00 - Sep 16 with 718 views | noggin |
| The state pension will rise by 4.7% next year. on 18:44 - Sep 16 by earlsgreenblue |
Bloody good job, if like me when you started working & based my private pension, mortgage, everything on retirement at 65 only to be told 40 + years later, “ sorry it’s now 67yrs” before you can put ya hand out, never claimed dole, paid in a small fortune in taxes etc, look after them that put in before handing it out to those that haven’t……..rant over. |
I guess this is it. Our generation thought that if we worked until we were in our 60s, that the state would take care or us. Our parents had a council house and could afford to support a family. We thought that the same would apply for us. Nobody at school told us any different. | |
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| The state pension will rise by 4.7% next year. on 19:15 - Sep 16 with 636 views | mellowblue |
| The state pension will rise by 4.7% next year. on 17:05 - Sep 16 by DJR |
I'm due to get the state pension later this year and if it were down to me an individual or couple with other pension income above a certain amount (£30,000?) wouldn't get the triple lock.
That at least would be a starting point, but politically I suppose it could only apply to those coming up to pension age.
[Post edited 16 Sep 17:09]
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The result of that would be everyone would safeguard their state pension by investing in their works pension up to the threshold, anything above that would be invested in non pension products, which would force governments to means test, something they want to avoid. | | | |
| The state pension will rise by 4.7% next year. on 19:20 - Sep 16 with 616 views | mutters |
| The state pension will rise by 4.7% next year. on 18:44 - Sep 16 by earlsgreenblue |
Bloody good job, if like me when you started working & based my private pension, mortgage, everything on retirement at 65 only to be told 40 + years later, “ sorry it’s now 67yrs” before you can put ya hand out, never claimed dole, paid in a small fortune in taxes etc, look after them that put in before handing it out to those that haven’t……..rant over. |
Rant away.
I have always felt that when you starting paying into the system, that's when your 'contract' with the government on retirement should be fixed. So when I started it was retiring at 65 and so that should be when I am eligible for my state pension. Those who start today will eligible at 67. It seems like a fairer way maybe harder to administer) than the goalposts moving
I am still a few years away from retirement but I have based a lot of my projections on getting full state pension at the right age (68 now). Should any government bring in means testing at this late stage then that would be incredibly unfair. I've put some money aside for retirement, and as I have private pensions I'd imagine I would be excluded from any state pension but it would really rock my retirement if that's the case. I just wouldn't have time to make up the missing 12k a year |  |
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| The state pension will rise by 4.7% next year. on 20:14 - Sep 16 with 358 views | EuanTown |
I think the rise in work pensions is the groundwork for removing state pensions for most. In due course no one will contribute to a state pension as you will be expected to get your pension from your working pension.
Along with the continued rise in state pension age b for repayments are made.
Obviously this will not work for all as not everyone will be in work, and some cannot work. But will receive benefits. |  | | |
| The state pension will rise by 4.7% next year. on 20:21 - Sep 16 with 328 views | EuanTown |
| The state pension will rise by 4.7% next year. on 18:44 - Sep 16 by earlsgreenblue |
Bloody good job, if like me when you started working & based my private pension, mortgage, everything on retirement at 65 only to be told 40 + years later, “ sorry it’s now 67yrs” before you can put ya hand out, never claimed dole, paid in a small fortune in taxes etc, look after them that put in before handing it out to those that haven’t……..rant over. |
Remember private pension and state pension age are different things. You can still retire at 65 and claim your private pension. Or earlier if you are lucky enough. | | | |
| The state pension will rise by 4.7% next year. on 20:28 - Sep 16 with 296 views | J2BLUE |
| The state pension will rise by 4.7% next year. on 17:51 - Sep 16 by Pinewoodblue |
Well I’m not sure what I will spend my extra £7.70 a week on.
Correction it won’t be as much as that as they will claw back 20% of it in income tax and if I spend it on the High Street they will get 20% of what I spend back in VAT.
My last day gainfully employed was 14 years ago yesterday. |
Champagne, coke and hookers surely? | |
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| The state pension will rise by 4.7% next year. on 20:28 - Sep 16 with 296 views | BlueForYou |
It’s irrelevant if like me you have a small private pension as well. The tax increase on the private pension swallows up any increase. Last year I was 90p per month better off. Need to raise personal allowances significantly. That ain’t happening under this miserable government. |  | | |
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