The demise of the triple lock.

skycatcher

At c£9k the new state pension is hardly generous compared to our European brothers and sisters, in fact one of the lowest! So I really don't get it when there are arguments to try and suppress it increasing. Perhaps to most on this board the state pension is a nice bit if pin money on top of their private pensions but to an awful lot more is what they only have to love on. 
If you don't need it just defer it till you die.

Silvertabby

skycatcher said:

At c£9k the new state pension is hardly generous compared to our European brothers and sisters, in fact one of the lowest! So I really don't get it when there are arguments to try and suppress it increasing. Perhaps to most on this board the state pension is a nice bit if pin money on top of their private pensions but to an awful lot more is what they only have to love on. 
If you don't need it just defer it till you die.

Comparing our State pension with European pensions is like comparing apple with oranges.

French/German/Spanish/Dutch etc pensions are hybrid schemes, part State part private.  Both employers and employees pay in a lot more than we do in NI - and very few people have additional pensions on top. 

A fairer comparison would be a European pension against the UK State pension PLUS all the private/occupational pensions that the pensioner could have/should have paid into. 

Plus, of course, a UK State pensioner who really had nothing but the State pension/pension credit could get add ons such as housing benefit, council tax benefit, etc etc.  This could easily double the £9K you quote. 

phillw

jimpwarsop said:
As for me I hit State retirement age in early 2022 so in a way I'm a turkey voting for Christmas.

Except for everything thing we should keep it because it will benefit them when they retire, the odds are it won't.
You'll be paying to bribe the pensioners and when it comes around to your turn, you won't get it. Like any ponzi scheme.

minty777

A lot of pension payments have stopped now due to covid

eskbanker

minty777 said:

A lot of pension payments have stopped now due to covid

What do you mean by that, are you referring to contributions into pensions or income from them, and either way round, what support do you have for that assertion?

jimpwarsop

Linton said:

  Many pensioners still are living on SP with no other pension. Under these circumstances I think that about £9K/year is too low as a basic income.

I doubt MANY pensioner live on SRP alone.

xylophone

but to an awful lot more is what they only have to love on. 

Oo - er missus.....looking for a cheap night out?

bowlhead99

eskbanker said:

minty777 said:

A lot of pension payments have stopped now due to covid

What do you mean by that

Perhaps that this year to date there has been a greater than average number of deaths of OAPs compared to other years. This has accelerated deaths that would have otherwise happened in later years; those pensioners' payments have 'stopped due to covid', saving the government's state pension bills. 

Of course, payments into the pot - contributions of national insurance that would have funded the pension payments - will have reduced or ceased with layoffs in many sectors, pay reductions as staff are furloughed on partial pay or hours reduced, lack of pay rises etc.

Linton

jimpwarsop said:

Linton said:

  Many pensioners still are living on SP with no other pension. Under these circumstances I think that about £9K/year is too low as a basic income.

I doubt MANY pensioner live on SRP alone.

17% of all pensioner households according to:
 https://www.theactuary.com/news/2019/05/2019/05/01/pensioners-increasingly-dependent-state-pension have no other pension provision beyond SP. 

michaels

skycatcher said:

At c£9k the new state pension is hardly generous compared to our European brothers and sisters, in fact one of the lowest! So I really don't get it when there are arguments to try and suppress it increasing. Perhaps to most on this board the state pension is a nice bit if pin money on top of their private pensions but to an awful lot more is what they only have to love on. 
If you don't need it just defer it till you die.

Yes I agree, if you look at it almost everyone in the country 'deserves' more than they have to live on, especially if you compare us with countries like Norway with a much higher GDP per head than us....