Will they get rid of or reduce full state pension?

Silvertabby

No, will stay

Stubod said:

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

It was rumoured that the Tories were going to abolish the State pension for all - including current recipients - just before the 1997 General Election.  I did wonder if that was partly why Labour won with a landslide....

kinger101

Stubod said:

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

The clawback will be the worst part.

double_dutchy

Silvertabby said:

It was rumoured that the Tories were going to abolish the State pension for all - including current recipients - just before the 1997 General Election.  I did wonder if that was partly why Labour won with a landslide....

I certainly don't remember that - I assume it was Tony Blair who started that rumour?!

marlot

Yes, will get rid of

I suspect it could become means-tested at some point.

Silvertabby

No, will stay

double_dutchy said:

Silvertabby said:

It was rumoured that the Tories were going to abolish the State pension for all - including current recipients - just before the 1997 General Election.  I did wonder if that was partly why Labour won with a landslide....

I certainly don't remember that - I assume it was Tony Blair who started that rumour?!

It may have been more of a northern thing, but the rumours did come from Labour 'supporters'.  

sammyjammy

JoeCrystal said:

What is the point behind this poll anyway?

We all know that they don't get rid of it, indeed, it is more likely it will be mean-tested instead. Many countries restrict the amount paid (based on your means), like Australia or only payable in a country like South Africa.

No chance of this happening, means testing costs too much, one of the reason for the recent changes to state Pension are to negate/reduce the need for pension credit in the future.

tigerspill

No, will stay

I think it may change in the future but I think that for the most part, accrued benefits will be grandfathered in.

LV_426

marlot said:

I suspect it could become means-tested at some point.

Interested to hear how much they believe you need, and for what standard of living?

NedS

No, will stay

LV_426 said:

marlot said:

I suspect it could become means-tested at some point.

Interested to hear how much they believe you need, and for what standard of living?

It already is means-tested through the taxation system. If all you have is a full state pension then you pay no tax. If you have a little more than a full state pension you start paying some tax. The more you have, the more tax you pay. If you are a well off pensioner, and already have £50k of income from other means, you are effectively giving back 40% of your state pension. That sounds like a pretty efficient method of means testing someone's income to me.
They could taper it like the do for child benefit, reducing it to zero for people with income between £40-50k, but the difference with child benefit is that it is not taxable income whereas the state pension is, which complicates matters.

SouthCoastBoy

Silvertabby said:

Stubod said:

..yes, I recently read that the gov. plan to stop paying the state pension completely, (even those getting it now), sometime in the next 3 to 5 years....best start saving!!

It was rumoured that the Tories were going to abolish the State pension for all - including current recipients - just before the 1997 General Election.  I did wonder if that was partly why Labour won with a landslide....

Below is an extract from the 1997 Tory Manifesto, not sure how high the NI rebates would have to be to be at least as good as the state pension, but I imagine quite large?

At the start of the next parliament we will set out proposals to provide all young people entering the workforce with a personal pension fund paid for through a rebate on their national insurance contributions. At retirement they would be entitled to the full pension earned by this accumulated investment. This could give them a pension significantly higher than they would currently receive from the state. But they will be guaranteed a pension at least equal to the current bask state pension, increased in line with inflation.

This will be one of the most significant improvements in the state pension system since it was introduced.

Older people currently in the workforce would be unaffected - they will continue to contribute as now and receive the normal state pension when they retire.

This policy would come into effect early in the new millennium. Gradual phasing in of the new system over 40 years will make the impact on public finances affordable. Even at its peak, the net revenue forgone will be only a fraction of the savings from the recent Pensions Act. And eventually, the new policy will produce massive public expenditure savings.

http://www.conservativemanifesto.com/1997/1997-conservative-manifesto.shtml