Commons Work & Pensions Committee launch inquiry into "intergenerational fairness"

neilvw

£11,000 from April

Bogof_Babe

People who complain about pensioners receiving state support should ask themselves whether, next time they take a train or a plane, they would be happy to find the driver or pilot was in their late 70s. Or a geriatric surgeon if they need an operation.

No? Then what do they think such people should live on, once their useful working years have finished?

LondonSu's father is exceptional in that he was physically capable of remaining in employment well into his 70s, but for most elderly this is not really an option, even if they find an employer willing to take them on when their minds and bodies have slowed down. A good proportion of over-65s would be more of a liability than an asset in any workplace where modern, high speed processes are involved. Not to mention the onset of all sorts of incapacitating conditions, e.g. arthritis, reduced mobility, Alzheimer's.

So if pensions were scrapped tomorrow, we consign tens of thousands of old people to relying on charity or their families to survive?

xylophone

oh goody its going up it was 10,000 in 2014/2015 not had 2015/2016 letter yet wait with bated breath, what WILL we spend the extra dosh on.

The link shows £10600 for 2015-16 (current tax year).

For 2016 -17 see https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2016-17/tax-and-tax-credit-rates-and-thresholds-for-2016-17

So £11,000.

xylophone

my daughter and son in law both work full time in responsible jobs ( a 'higher' grade than either pf my parents) yet the can't afford to buy and pay minimally into a pension.

It is indeed unfortunate if they live in the north and cannot afford to buy when there are two full time incomes and the current very low interest rates?

xylophone

yet they earned enough to raise 3 kids, buy a house and provide for their old age.

http://www.ons.gov.uk/ons/rel/census/2011-census-analysis/a-century-of-home-ownership-and-renting-in-england-and-wales/short-story-on-housing.html

"Growth in owner occupancy picked up in the 1950s, as wages grew at a faster rate than the increase in house prices. This made houses relatively more affordable, and the percentage of home owners increased from 32% in 1953 to 42% in 1961."

About the time your parents were buying?

Londonsu

xylophone wrote: »

The link shows £10600 for 2015-16 (current tax year).

For 2016 -17 see https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2016-17/tax-and-tax-credit-rates-and-thresholds-for-2016-17

So £11,000.

what? so the crafty old codger had 600 quid of his pension that I didn't get my hands on I shall have harsh words with him when he wakes up

Londonsu

Bogof_Babe wrote: »

People who complain about pensioners receiving state support should ask themselves whether, next time they take a train or a plane, they would be happy to find the driver or pilot was in their late 70s. Or a geriatric surgeon if they need an operation.

No? Then what do they think such people should live on, once their useful working years have finished?

LondonSu's father is exceptional in that he was physically capable of remaining in employment well into his 70s, but for most elderly this is not really an option, even if they find an employer willing to take them on when their minds and bodies have slowed down. A good proportion of over-65s would be more of a liability than an asset in any workplace where modern, high speed processes are involved. Not to mention the onset of all sorts of incapacitating conditions, e.g. arthritis, reduced mobility, Alzheimer's.

So if pensions were scrapped tomorrow, we consign tens of thousands of old people to relying on charity or their families to survive?

he actually worked for 70 year started work when he was 14 and 'retired' when he was 84

nannytone_2

xylophone wrote: »

http://www.ons.gov.uk/ons/rel/census/2011-census-analysis/a-century-of-home-ownership-and-renting-in-england-and-wales/short-story-on-housing.html

"Growth in owner occupancy picked up in the 1950s, as wages grew at a faster rate than the increase in house prices. This made houses relatively more affordable, and the percentage of home owners increased from 32% in 1953 to 42% in 1961."

About the time your parents were buying?

was a bit later, but by the end of the 60's

UKParliament

On Wednesday 2 March 2016 from 9.30am, the House of Commons Work and Pensions Select Committee will hear evidence from two former ministers and experts in the intergenerational fairness debate.

The Committee will hear from:

• Rt Hon Lord Willetts, Executive Chair, The Resolution Foundation (formerly Minister of State for Universities and Science)
• Rt Hon Steve Webb, Director of Policy, Royal London (formerly Minister of State for Pensions)

Inquiry background

Lord Willetts has written extensively on the issue of intergenerational fairness and argues that policy has been skewed too far in favour of the 'baby boomers'. As pensions minister, Steve Webb oversaw major pension reforms including the state pension triple-lock, increases to the state pension age and the new single-tier state pension.

Purpose of the session

The committee considers the following areas:

• What 'intergenerational fairness' and the concept of a 'social contract' between generations mean in practice
• The role of demography and policy in driving disparities between generations
• Whether inequality between generations is a more pressing issue than inequality within generations, and how it should be addressed
• The future of the state pension triple-lock and the long-term outlook for pensions and pensioner benefits

Watch the session in full on Parliament TV.

Alter_ego

Londonsu wrote: »

what? so the crafty old codger had 600 quid of his pension that I didn't get my hands on I shall have harsh words with him when he wakes up

Well 20% of £600 if he's on basic rate. That's only £120, let him sleep.