| The state pension will rise by 4.7% next year. 16:47 - Sep 16 with 6911 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 23:17 - Sep 17 with 400 views | Swansea_Blue |
| The state pension will rise by 4.7% next year. on 10:42 - Sep 17 by SuperKieranMcKenna |
The size of the economy is irrelevant - it doesn’t make us wealthy, our per capita wealth has flatlined or fallen for over a decade. We are behind our European peers in many metrics. India has a huge economy- it certainly isn’t wealthy. The £7bn you reference is peanuts compared to the £140bn (and rising) annual cost of the state pension. The Europeans are also reviewing their pension ages and costs because it’s isn’t affordable (civil servant pensions alone have billions in unfunded liabilities).
Again - no one here has suggested current pensioners should be penalised, but the OBR and virtually every forecasting institution agrees the current Ponzi scheme is unsustainable. |
I find it strange that we’ve paid the banks and energy providers hundreds of billions of pounds in the last couple of years but when anyone suggests we pay a little bit extra on ourselves it’s suddenly not possible. It doesn’t feel like the balance is right. |  |
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| The state pension will rise by 4.7% next year. on 06:03 - Sep 18 with 192 views | SuperKieranMcKenna |
| The state pension will rise by 4.7% next year. on 23:17 - Sep 17 by Swansea_Blue |
I find it strange that we’ve paid the banks and energy providers hundreds of billions of pounds in the last couple of years but when anyone suggests we pay a little bit extra on ourselves it’s suddenly not possible. It doesn’t feel like the balance is right. |
Only because for the last 15 years or so successive governments have been completely incompetent. We’ve borrowed record amounts and spaffed it away on dodgy contracts, useless PPE, fraudulent furlough claims which were never pursued, hospitals that were never used, and borrowed to pay for the borrowing we borrowed. We are paying more on borrowing than our education system, years to see a surgeon* and an army that could fit in Wembley. Germany has a hugely lower debt to gdp ratio thanks to coherent economic policy over decades and still went through COVID, andddd was harder hit by the energy crisis (due to reliance on Russian gas).
I just don’t see how the current pension system is sustainable with the aging population, and that’s wider recognised by the pensions industry, OBR, IMF etc. I would rather we shift pensions to private funds and the state concentrate on improving public services. Paying current pensioners through current tax payers is insane, it’s going to require ever more tax payers and flies in the face of sustainablity. I think this is what is happening gradually, but I’d add we need better healthcare so that more people can work, and work for longer (if they choose).
*on a lighter note perhaps the plan is to kill everyone off before they reach retirement… [Post edited 18 Sep 6:24]
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| The state pension will rise by 4.7% next year. on 08:38 - Sep 18 with 49 views | DJR |
| The state pension will rise by 4.7% next year. on 06:03 - Sep 18 by SuperKieranMcKenna |
Only because for the last 15 years or so successive governments have been completely incompetent. We’ve borrowed record amounts and spaffed it away on dodgy contracts, useless PPE, fraudulent furlough claims which were never pursued, hospitals that were never used, and borrowed to pay for the borrowing we borrowed. We are paying more on borrowing than our education system, years to see a surgeon* and an army that could fit in Wembley. Germany has a hugely lower debt to gdp ratio thanks to coherent economic policy over decades and still went through COVID, andddd was harder hit by the energy crisis (due to reliance on Russian gas).
I just don’t see how the current pension system is sustainable with the aging population, and that’s wider recognised by the pensions industry, OBR, IMF etc. I would rather we shift pensions to private funds and the state concentrate on improving public services. Paying current pensioners through current tax payers is insane, it’s going to require ever more tax payers and flies in the face of sustainablity. I think this is what is happening gradually, but I’d add we need better healthcare so that more people can work, and work for longer (if they choose).
*on a lighter note perhaps the plan is to kill everyone off before they reach retirement… [Post edited 18 Sep 6:24]
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The problem it seems to me though is that many don't have the means to save adequately for their retirement, which means that I think the state would have to act as a backstop at the very least for those going into retirement with precious in the form of income.
As it is, the cost of state provision for pensioners is only around 5% and the abolition of the triple lock would free up much more money over time.
Here's a recent paper on the issue.
https://academic.oup.com/oxrep/article/41/1/153/8157938 [Post edited 18 Sep 8:47]
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| The state pension will rise by 4.7% next year. on 08:51 - Sep 18 with 22 views | SuperKieranMcKenna |
| The state pension will rise by 4.7% next year. on 08:38 - Sep 18 by DJR |
The problem it seems to me though is that many don't have the means to save adequately for their retirement, which means that I think the state would have to act as a backstop at the very least for those going into retirement with precious in the form of income.
As it is, the cost of state provision for pensioners is only around 5% and the abolition of the triple lock would free up much more money over time.
Here's a recent paper on the issue.
https://academic.oup.com/oxrep/article/41/1/153/8157938 [Post edited 18 Sep 8:47]
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But for context that’s our second biggest spend after healthcare (and projected to rise). Workplace pensions should be enhanced with bigger mandatory contributions (as in much of Scandanavia).if as you suggest people can’t afford to put money aside to save, then they presumably can’t afford more tax to properly fund the state pension. Personal taxes haven’t risen in line with demographic changes. | | | |
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