MSE News: State pension could rise to £140 a week

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

Read the full story:
State pension could rise to £140 a week

Inactive

WOW, as much as £140 a week.

Now how much do these MP's claim for a night over in London??

Raggs_2

That's a very large increase, and I suspect that it's not just getting rid of beaurocracy that is doing it, but the "residency in Britain" could perhaps spell trouble for retired expats?

StevieJ

Looks like the ConDems golden carrot for the next election No means testing? so it looks like they will be handing over that child benefit saved to the likes of Richard Branson.

gadgetmind

Does this mean that anyone who's paid for missed years of "stamp" has wasted their money?
Ian

Raggs_2

StevieJ wrote: »

Looks like the ConDems golden carrot for the next election No means testing? so it looks like they will be handing over that child benefit saved to the likes of Richard Branson.

I have no problems with that, if the money has been genuinely saved by just cutting red tape. It's ridiculous to means test everyone, giving Richard Branson his 90 quid and others the same, when without means testing, everyone can just have more since it's not being wasted on form filling. That extra 50 quid will make a big difference in a lot of peoples lives.

Saying it's a bad idea just because it benefits the rich as well is a very bad approach.

Raggs_2

When you see how much the government has spent on websites, it becomes very clear just how much money can get easily wasted. So I don't have too much trouble believing that means testing alone can make such a difference. But I feel that "residency in Britain" line carries a lot of meaning with it.

viv0147

What about the people on pension credit, they qualify from the age of 60 ?

StevieJ

Raggs wrote: »

I have no problems with that, if the money has been genuinely saved by just cutting red tape. It's ridiculous to means test everyone, giving Richard Branson his 90 quid and others the same, when without means testing, everyone can just have more since it's not being wasted on form filling. That extra 50 quid will make a big difference in a lot of peoples lives.

Saying it's a bad idea just because it benefits the rich as well is a very bad approach.

I agree the universal benefits are a pillar of the Labour party approach but I thought the Tories were going to change that because of the large deficit.

Raggs_2

StevieJ wrote: »

I agree the universal benefits are a pillar of the Labour party approach but I thought the Tories were going to change that because of the large deficit.

It's quite possible what they're planning to do will help cut the deficit, it depends on how much is saved. They obviously have no problem slashing the deficit where they can, and I'm sure pensions was just as under the microscope as anywhere else. If this ends up saving money, whilst giving the majority more cash, it's a win win situation. If it means that no money is saved (but no more spent) and people have more cash, it's not a losing situation. I can't imagine they'd do this if it was costing more money.

StevieJ

Raggs wrote: »

It's quite possible what they're planning to do will help cut the deficit, it depends on how much is saved. They obviously have no problem slashing the deficit where they can, and I'm sure pensions was just as under the microscope as anywhere else. If this ends up saving money, whilst giving the majority more cash, it's a win win situation. If it means that no money is saved (but no more spent) and people have more cash, it's not a losing situation. I can't imagine they'd do this if it was costing more money.

To be fair it would encourage the lowly paid to invest in the new pensions without being prejudicial to their pension top up i.e. on the current scheme any trivial pension savings would simply be canceled out by loss of pension top up.
I will, however, need some convincing that it will not leak more cash, happy to support it though

Some facts on the admin savings, not exactly self financing.

Administering the means-tested pension credit which 50 per cent of pensioners are entitled to costs £54 per person each year, while the basic element of the state pension costs just £5.40.