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

[413x]

I wonder if this is a tipping point. That could really hurt the tories. Especially as we know we will have barely any state pension soon

I wish my vote mattered. I wish I could actually make a difference. This 18 percent rise is disgusting. Its completely wrong. Subsequent generations are being tohit multiple times by the effects of corona

Covid massively damages the economy
And provides a nice big pay increase for pensioners

I'm sorry but this isn't right. Boris overruling sunak on this is disgusting.

 

[Greebo]

I wonder if this is a tipping point. That could really hurt the tories. Especially as we know we will have barely any state pension soon

I wish my vote mattered. I wish I could actually make a difference. This 18 percent rise is disgusting. Its completely wrong. Subsequent generations are being tohit multiple times by the effects of corona

Covid massively damages the economy
And provides a nice big pay increase for pensioners

I'm sorry but this isn't right. Boris overruling sunak on this is disgusting.

Thing is its the pensioners who decide who we have in power each GE anyway.

 

[nemofoot]

i have been won round to idea of compulsory voting like it is in australia. a more politically aware population is good for society. but i cant see any government doing it tbh.

 

[R.P.L]

i have been won round to idea of compulsory voting like it is in australia. a more politically aware population is good for society. but i cant see any government doing it tbh.

I've always thought this is a truly terrible idea, and I don't think anyone will ever convince me otherwise.

 

[HACO]

i have been won round to idea of compulsory voting like it is in australia. a more politically aware population is good for society. but i cant see any government doing it tbh.

As long as there are two options on the ballots:

1. None of the above
2. No to the entire political system

 

[R.P.L]

As long as there are two options on the ballots:

1. None of the above
2. No to the entire political system

Haha yeah, I almost added something like that on my reply to the same post.

 

[Outcast440]

Who's every one?

Those who have had their jobs destroyed by the government lockdown

 

[deuse]

Those who have had their jobs destroyed by the government lockdown

That has nothing to do with pensions.

 

[HACO]

https://uk.reuters.com/article/uk-health-coronavirus-britain-pensions-idUKKBN26R0VO

Sunak confirms triple lock is safe.

Those of us working, we should get ready for the tax hike.

 

[Greebo]

FfS . That’s costs more then HS2 is costing. Last calls I saw is if it ends up being a 18% average wage increase then we will all have to pay 4% more tax each year to cover it.

cant wait for the return of the 95% tax bands

 

[HACO]

FfS . That’s costs more then HS2 is costing. Last calls I saw is if it ends up being a 18% average wage increase then we will all have to pay 4% more tax each year to cover it.

cant wait for the return of the 95% tax bands

It will cost each working person an extra £750 per year, forever. Meaning, a young person entering the workforce now will be paying an extra £30,000 in taxes in their lifetime just for this decision alone.

If that person were to put £750 a year into their own private pension, that would be an extra £90k in their own private pension (assuming 5% return after inflation). At 4% withdrawal, that would be an extra £3600 of income per year in their own retirement. So yeah, each young person is going to be £3600 a year poorer in retirement, to give boomers an 18% income increase at a time of zero inflation, economic depression and mass unemployment.

But young people are the entitled ones, of course.

 

[Psycho Sonny]

https://uk.reuters.com/article/uk-health-coronavirus-britain-pensions-idUKKBN26R0VO

Sunak confirms triple lock is safe.

Those of us working, we should get ready for the tax hike.

State pension is £7k a year.

That is disgusting. It should be double that at least.

The government should be targeting all the people who are evading tax by working cash in hand, etc. The guy across the road from me has 10 cars and he does 20% discount for cash is an example of how decent amount of additional tax revenues could be raised.

In fact do away with paper cash. Force everyone to do bank transfer and soon questions would be asked why he's receiving thousands of pounds on a weekly basis from strangers.

 

[HACO]

State pension is £7k a year.

That is disgusting. It should be double that at least.

The government should be targeting all the people who are evading tax by working cash in hand, etc. The guy across the road from me has 10 cars and he does 20% discount for cash is an example of how decent amount of additional tax revenues could be raised.

In fact do away with paper cash. Force everyone to do bank transfer and soon questions would be asked why he's receiving thousands of pounds on a weekly basis from strangers.

State pension is low, but there are housing benefit (if they're not homeowners) and pension credit too. So it's already means-tested to a degree. I do support policies that help poor pensioners, but millionaire and home-owner class pensioners don't need more money. They benefited from the greatest housing boom in world history, they can downsize or equity release their homes to pay for their damn retirement. Once that's depleted, they should get help if they need it. The average pensioner is significantly richer than the average worker in this country, literally hundreds of thousands of pounds richer.

And current pensioners benefited massively from low taxation in their lifetime, lower than any country that you'd compare it to that has bigger pensions. The US and Germany have better state pensions, but they also increased taxes in the 1970s and 1980s to run a surplus on the state pension trust fund and invested that to grow for future years where there will be a deficit, because they anticipated the population boom. We didn't do that, our pensioners benefited from low taxes, they can't expect to double-dip by having their pension increased. These are the richest people in society, and have world-leading defined-benefit private pensions as well, with massive tax advantages.

You're not going to raise £110b (cost of doubling state pension) of tax revenue by going after cash-in hand workers. Doubling the state pension means an extra £3500 per year of tax on every working person. On median income, that's a 15% tax increase. Let's make the richest people richer and the poorest poorer, otherwise it's disgusting

 

[Greebo]

State pension is £7k a year.

That is disgusting. It should be double that at least.

The government should be targeting all the people who are evading tax by working cash in hand, etc. The guy across the road from me has 10 cars and he does 20% discount for cash is an example of how decent amount of additional tax revenues could be raised.

In fact do away with paper cash. Force everyone to do bank transfer and soon questions would be asked why he's receiving thousands of pounds on a weekly basis from strangers.

it should be double that if people had paid 5% more taxes each year for the last 50 years but instead everybody kept voting in whoever offered tax cuts. There is good reason the german pension is double or triple ours. They are prepared to pay more tax each year.

why should the young of today have to pay £750 a year more, increasing each year by more than their wages goes up For their entire working life to cover the pensioners who never paid enough in during their working life?

don’t forget this is on top of the cost of covid and Brexit. By they time they finish everybody working will be paying £5k a year more but the pensioners will be sorted.

i know there are 2m pensioners living below the poverty line and yes they should get more but the average household income after mortgage rent for pensions is more than the average wages for those working due to all those generous final salary pensions and gains for house price increases and downsizing in retirement. The vast majority of pensioners are already the most affluent people in this county already without giving them another £1300 per annum

 

[HACO]

it should be double that if people had paid 5% more taxes each year for the last 50 years but instead everybody kept voting in whoever offered tax cuts. There is good reason the german pension is double or triple ours. They are prepared to pay more tax each year.

Germany ran a surplus on their state pension taxes for over 25 years in late 1900s, instead of cutting taxes for their people at that time. They saw that their boomer population will retire and will burden younger generations, so they made that same boomer population overpay taxes and ran that surplus and invested it so that there are enough funds for their retirements without burdening their young population.

UK cut taxes, let the boomers have the cash and they bought up all the properties, made themselves much richer and everyone else poorer, created one of the world's worst housing crisis in living memory and now complain that their state pensions are lower than Germany's and demand it should be matched and young people must foot the bill

 

[Greebo]

I know it totally stinks and so many see the 18% pension increase next year as justified. And they will keep voting the Tories in to keep the money as well. Sod the next two generations. Grab grab grab. They are so selfish and wonder why the young hate them.

 

[413x]

18 percent. Absolutely disgusting. If its anywhere near that.

The people paying it won't get anything either.

Can't get my head round it.
Problems with democracy I guess

 

[Surveyor]

State pension is £7k a year.

That is disgusting. It should be double that at least.

The government should be targeting all the people who are evading tax by working cash in hand, etc. The guy across the road from me has 10 cars and he does 20% discount for cash is an example of how decent amount of additional tax revenues could be raised.

In fact do away with paper cash. Force everyone to do bank transfer and soon questions would be asked why he's receiving thousands of pounds on a weekly basis from strangers.

As you're so keen for tax evaders to be targeted have you reported the guy across the road to HMRC?

 

[Psycho Sonny]

As you're so keen for tax evaders to be targeted have you reported the guy across the road to HMRC?

Literally does nothing.

Unless you say that you are willing to testify in court against them then it simply gets binned.

Anonymous reports are useless.

 

[Surveyor]

Literally does nothing.

Unless you say that you are willing to testify in court against them then it simply gets binned.

Anonymous reports are useless.

That seems like a cop-out.

HMRC encourage anonymous reports. A bit strange if they don't do anything with them.

In 2017 Jennie Granger, HMRC’s Director General for Customer Compliance, said:

"Information provided by the public is a crucial element of HMRC’s work to close the tax gap, so it’s vital that the reporting process is as simple and accessible as possible. The HMRC Fraud Hotline will form an important part of our intelligence gathering operations to bring in more money for the Exchequer and the country."

"We encourage the public to continue to work with us and report any suspected fraud or evasion to us for investigation."