Triple-lock on pensions will stay. Pensions will increase when earnings have decreased

[HACO]

Ahh another anti boomer thread by haco. Wow much shock, so surprise.

ok boomer, but I shall not rest until all boomers are gone

Don't forget that many pensioners, after decades of subsidising the millennials from the "bank of mum and dad", are going to need stretch that pension pot just a little bit further in their grandparent duties to look after all those Alpha sprogs.
Once you look past that massive chip on your shoulder, you might see the value in having the support network of an extended family, and you might want them looked after too.

The richest population in the country don't need an income increase when everyone else's income has been significantly reduced. Nothing personal. Just making sure these people understand that they share a society with the rest of us, and stuff that happens in real life should affect them too. But they're a protected species it seems.

The state pension is worth next to nothing, comparatively - a maximum of around £7,000 per annum. Hardly a fortune and barely enough to stop somebody starving and keep them off the streets - for many of that generation that is all they will have.

Yeah, because they paid next to nothing in taxes (comparatively to other modern countries), so they never built up the state pension trust fund. Other countries (like the US or Germany) were wiser, increased taxes in 1970s or 1980s because they anticipated what's going to happen, and they built up a trust fund. We didn't.

If you are smart you will already have a private pension that outperforms this, you will have certainly benefited from an education system they paid for, much of which has now been slashed for those coming through now.

Millennials had to pay for their own education. The people who benefited from state-funded education and training was those whose income is increasing despite everyone else's decreasing.

Abandoning the triple lock is going to save an insignificant sum when compared to the furlough scheme or indeed any of the other monumental disasters that governments of all creeds typically pee away taxpayers money on.

State pension costs about £100b a year. Increasing it by 18% next year (triple lock) means an extra £18b that needs to come from taxes on working people. It's not insignificant. That £18b can be spent on programs that benefit young families with children for example, who are the population that were negative affected more than anyone else. But no, boomers can't survive without their damn income going up even if the country is burning in flames.

So, once you have confiscated the boomers pensions and repossessed their houses, what's next on the agenda? Mass euthanisation for the over 50's? Get a grip man.

Not wanting the richest demographics in the country to be even richer = mass Euthanasia

ok boomer

If you want to focus your bile on something constructive, consider the massive ever widening gap between the rich and poor (and that spans all generations), or perhaps the current idiotic education system that fails to prepare our youth for anything useful, or the impossible hurdles in starting up a new business. There are many things wrong with this country, the triple lock really isn't the one you should be worrying about.

I just like to bitch and moan, sorry

 

[MikeTheNative]

We have an ongoing car crash of ever increasing house prices and the impending car crash of the massive pension bill but apparently it's entitled to try and fix these problems. Seems to me the older generations are the entitled ones for not wanting to fix the problems they have helped create.

 

[southernorth]

Would be very interesting to compare posters age vs. their opinions on how entitled the millennials/baby boomers are. See how divided things are.

 

[Usher]

So all of you object to pensioners getting around £4 a week rise on their basic state pension of £134.25 a week?

 

[Sheff]

Ahh another anti boomer thread by haco. Wow much shock, so surprise.

Don't forget that many pensioners, after decades of subsidising the millennials from the "bank of mum and dad", are going to need stretch that pension pot just a little bit further in their grandparent duties to look after all those Alpha sprogs.
Once you look past that massive chip on your shoulder, you might see the value in having the support network of an extended family, and you might want them looked after too.

Such a middle class reply, there are plenty of millennials that have never had a "bank of mum and dad", whose parents are still working and unable to help with childcare, who live too far away from each other to benefit from a family support network (because who is entitled to live near their family and have a decent job, right?) and can't afford to pay into a decent private pension.

Ensuring that every pensioner isn't living in poverty is something we should aspire to, but it shouldn't be based on a blunt instrument like the triple lock state pensions unless we do something like abolish National Insurance and increase income tax accordingly for everyone (including pensioners).

 

[413x]

So all of you object to pensioners getting around £4 a week rise on their basic state pension of £134.25 a week?

We are going to get almost nothing. Next generation probably nothing at all.

 

[Jokester]

So all of you object to pensioners getting around £4 a week rise on their basic state pension of £134.25 a week?

It’s not £4, it’ll be about £25. At a time when a substantial amount of the population will be seeing a significant drop in their own income.

 

[R.P.L]

ahh, so we find whoever's computer has all the money stored on it and type a few extra zeroes on the end, i can see no problem with this plan whatsoever

Is it a coincidence that Modern Monetary Theory and Magic Money Tree can both be abbreviated to MMT?

 

[Usher]

It’s not £4, it’ll be about £25. At a time when a substantial amount of the population will be seeing a significant drop in their own income.

Where on Earth do you get that £25 from?? that says it all, please do some research on the basic state pension, the rise is on the basic pension which is all many older people receive and have to claim benefits to survive, my wife's pension aged 70 is £143 a week, mine is £158, last year we had around £4 rise each

 

[Surveyor]

Where on Earth do you get that £25 from?? that says it all, please do some research on the basic state pension, the rise is on the basic pension which is all many older people receive and have to claim benefits to survive, my wife's pension aged 70 is £143 a week, mine is £158, last year we had around £4 rise each

The basic state pension is £134.25. 18% of that (the possible increase under the triple lock) is £24.16.

 

[Usher]

The basic state pension is £134.25. 18% of that (the possible increase under the triple lock) is £24.16.

Absolute Codswhallop, do some proper research, the minimum guarantee is 2.5% so tell me what percentage could possibly give £24 ??

 

[Mucky_Pup]

Absolute Codswhallop, do some proper research, the minimum guarantee is 2.5% so tell me what percentage could possibly give £24 ??

Because the triple lock goes on whatever is highest of; rise of wages, inflation, or 2.5%, the highest of those three is looking to be wages at 18%. The 2.5% is the minimum it can only ever be.

 

[HACO]

Absolute Codswhallop, do some proper research, the minimum guarantee is 2.5% so tell me what percentage could possibly give £24 ??

Wage growth after Covid next year. It's government's own estimate.

Wages go down up to 20% this year -> state pension increases by 2.5%
Wages go up 18% next year, as estimated -> state pension increases by 18%

https://www.bbc.co.uk/news/business-53082530

That's an extra £20 billion that needs to be funded from taxes. That's £750 per working person per year, to give to pensioners, at the time that their earnings have been reduced.

 

[Usher]

Because the triple lock goes on whatever is highest of; rise of wages, inflation, or 2.5%, the highest of those three is looking to be wages at 18%. The 2.5% is the minimum it can only ever be.

Are you saying that wages rose by 18%

 

[deuse]

We have an ongoing car crash of ever increasing house prices and the impending car crash of the massive pension bill but apparently it's entitled to try and fix these problems. Seems to me the older generations are the entitled ones for not wanting to fix the problems they have helped create.

What would you like these people to do?

 

[Surveyor]

Are you saying that wages rose by 18%

It's the effect of people returning to work after being on reduced furlough pay.

 

[RobHu]

Are you saying that wages rose by 18%

He's saying that wages are projected to rise 18% next year in the aftermath of the pandemic. This is because the furlough scheme will have ended and people will (theoretically, if their job still exists) be back to earning their full wage.

Next time can you please spend a couple of minutes to understand the context of the posts to which you're replying before inflicting yet more ignorance upon us.

Back on topic, it seems inevitable that the state pension will eventually have to be means tested if there is to be any meaningful state pension at all. Either that or an increase of contributions.

 

[MikeTheNative]

What would you like these people to do?

Accept there's a problem to fix would be a start.

 

[deuse]

Accept there's a problem to fix would be a start.

I don't see a problem.

I do see people now buying most things on a credit card and live beyond there means.

 

[HACO]

I don't see a problem.

I do see people now buying most things on a credit card and live beyond there means.

And they'll have to pay it back, and risk of default is already baked into the interest rate that financial institutions offer. These people are not burdening anyone else.