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Triple Lock Becomes Double Lock For 1 Year
Secret2ndAccount
Posts: 714 Forumite
Just announced by the pensions minister. Earnings rises expected to be around 8%, so the government has decided to ignore the earnings part of the triple lock for 1 year.
The rise in pensions will be the higher of inflation and 2.5%. That's expected to be inflation, but the number is not in yet.
The rise in pensions will be the higher of inflation and 2.5%. That's expected to be inflation, but the number is not in yet.
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Comments
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Yeah going to cost them too much so cutting it - BoE expecting a 4% peak with Inflation too. All gone to pot1
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Unfortunate but the right decision in my view. This current average earnings rise of 8.8% is obviously an unforeseen anomaly.17
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It would have been ridiculous not to have made an exception. Inflation looks like it will still give pensioners a decent rise..6
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They got one thing right today then.
What will this cost me on my SP to be taken in 2050?0 -
Good call.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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nigelbb said:pip895 said:It would have been ridiculous not to have made an exception. Inflation looks like it will still give pensioners a decent rise..I think....14
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MX5huggy said:They got one thing right today then.
What will this cost me on my SP to be taken in 2050?1 -
I know people are howling about broken manifesto promises, but that was written before we knew that a global pandemic would knock the whole world on its a.r.s.e.
Of course it will have to be paid for, by the fairest means possible - and paying pensioners a wildly inflated 8.8% wouldn't have been fair.
And I've never understood why people suddenly stopped paying NI on their earnings, no matter how high, simply because they reached a certain age.
Stand by for the screaming from those who want it all on a butty - as long as someone else pays for it.16 -
nigelbb said:pip895 said:It would have been ridiculous not to have made an exception. Inflation looks like it will still give pensioners a decent rise..
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