I did not realise, well that is good then, for pensioners, who funded the system over the last 50 years and more.
Will not youngsters welcome such a pension, as they get to retirement age, maybe even catch up with some European countries.
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I did not realise, well that is good then, for pensioners, who funded the system over the last 50 years and more.
Will not youngsters welcome such a pension, as they get to retirement age, maybe even catch up with some European countries.
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Wrong, as the pension increases at the fastest of the three rates chosen as the parameters.
Read the post above yours, I now realise that.
This is not meant to be a jibe, but how did you not know this already?
The triple lock has been in for over a decade, has been well-publicised (I am neither a pensioner, nor watch or follow the news closely), and I knew
a. that it existed
b. what it was
c. how it operated
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I always assumed wrongly that it was based only on inflation.
I had no care, or need to know further.
I'm not a Google monster.
the real reason for it is Conservatives bribing their voter base
child poverty has shot up over last 14 years....but they dont vote, so stuff em
I can't recall where I heard it, but I remember some economist advocating for having a tax - free start to the working life, and incrementing the tax rate up with time.
Say, the first £200k tax - free.
Idea being that the young can then accrue some wealth, whereas that is increasingly only happening when you're older (often, much older).
Sounded interesting, but I haven't looked into it any further. I expect it would be met with immovable resistance anyway.
Say, the first £200k tax - free.
Idea being that the young can then accrue some wealth, whereas that is increasingly only happening when you're older (often, much older).
Sounded interesting, but I haven't looked into it any further. I expect it would be met with immovable resistance anyway.
Gave everyone the option of buying shares about 30yrs ago, and then made everyone pay for the rest of their lives
its worth pointing out because its compound with the expected 4% next year my pension like everone else will over 3 years have jumped as near as damn it 25% [100+10.2=110.2+8.5%=119.56+4%=124.35 so 24.35%
So as its not at a level then you think the top ups are necessary
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For some, yes
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To those that need it, not to those that don't.
Fact is there has been a cross party drive to maintain a meaningful level of state pension to avoid poverty in this cohort. The triple lock under "normal" circumstances doesn't do much. Inflation~2% and wage rises similar. It just maintains the real value of the income ( LOL). Then comes a period of very high inflation. Well it still does the same thing really. I doubt if this was expected when the lock was introduced. The cost has to be recovered.
The government of the United Kingdom is expected to spend over 125 billion British pounds on state pensions in 2023/24, compared with 118.7 billion pounds in the previous year.
There is yet another increase next year.
NI now pulls in ~£40b but has never pulled in amounts like that. It's paid out of the general income from taxation. Just as the NHS is.
You may have noticed that there has been a drive to get everybody on a separate pension. Seems it's hard to avoid now. I have no details, However it will be while before they retire.
Very low inflation and very low pay rises also mean pensioners overtake everyone else. The pensioners ratchet means we only get ahead, and never fall back. Other people in need are treated more harshly.
You'll also remember nurses and hospital doctors, among other public servants, have had years of pay rises and below-inflation, leading to real cuts, and contributing to resignations, early retirements, poor recruiting, and the results have been staff shortages, long waiting lists and low standards.
It's almost amazing that Hunt and Sunak thought they had so much spare cash on the money tree that they could afford the NI giveaway to try and bribe their voters. And yet they kept the doctors' strike going.
But they didn't have it, they couldn't afford if, and it didn't work.
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