Just for interest...(none political)....ifMeans testing SP, what minimum income level would you set?

hugheskevi

michaels said:

hugheskevi said:

michaels said:

JoeCrystal said:

BBC did reported that the state pension is likely to go up by £400 next year due to average earnings increase.

Tories promised a special personal allowance for pensioners at the level of the state pension - can't remember, did Labour do the same?

No, Labour did not match that promise.

The £400 figure is the amount over and above inflation.

Are you sure, I thought the 400 was the total triple lock increase based on 4-5% average income increase about double inflation?

The BBC article states:

The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms.

The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week.

But as the article does not give the expected individual percentages of each of the Triple Lock components, the 'internal workings' referred to can't be verified. Perhaps they missed a comma after 'above inflation' which would change the meaning of the opening sentence.

Grumpy_chap

hugheskevi said:

michaels said:

hugheskevi said:

michaels said:

JoeCrystal said:

BBC did reported that the state pension is likely to go up by £400 next year due to average earnings increase.

Tories promised a special personal allowance for pensioners at the level of the state pension - can't remember, did Labour do the same?

No, Labour did not match that promise.

The £400 figure is the amount over and above inflation.

Are you sure, I thought the 400 was the total triple lock increase based on 4-5% average income increase about double inflation?

The BBC article states:

The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms.

The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week.

But as the article does not give the expected individual percentages of each of the Triple Lock components, the 'internal workings' referred to can't be verified. Perhaps they missed a comma after 'above inflation' which would change the meaning of the opening sentence.

I, too, read the BBC article as indicating that the "full" SP (against which assessments can be made) would increase by £400 above inflation.

Full new SP is currently £221 per week, so £11,500 per year.
https://www.gov.uk/new-state-pension/what-youll-get

CPI currently about 3% 
https://www.ons.gov.uk/economy/inflationandpriceindices#:
That would mean an increase of £345 per year

Annual wage growth about 5.5%
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/august2024
That would mean an increase of £632 per year, or £287 above inflation.

It is quite plausible that the September figures for inflation and wage growth might move in such a way that the wage growth results in a "full" SP increase of £400 above inflation.

It is probably less likely that the September figures result in a pension increase (calculated on wage growth) which is £400 and "above - higher than - inflation".

Stubod

..tax free allowance now only a few hundred pounds away from the max SP then..??

Eldi_Dos

@Grumpy_chap
    Think that is the CPIH rates you are looking at.

Grumpy_chap

Eldi_Dos said:

@Grumpy_chap
    Think that is the CPIH rates you are looking at.

Maybe.
What does SP link to under Triple Lock?  CPI / CPIH?  How different are they?  Is it particularly important when the wage inflation will be the controlling factor?

It is all just an indicative comment to see how the reported "£400 above inflation" should be interpreted and, given the relevant period figures are not yet published, all speculative.

If there is any member of the forum with more accurate figures, they are entirely free to do the similar calculation.
Or we can all wait a few weeks and the official numbers will be available in the public domain.

michaels

hugheskevi said:

michaels said:

hugheskevi said:

michaels said:

JoeCrystal said:

BBC did reported that the state pension is likely to go up by £400 next year due to average earnings increase.

Tories promised a special personal allowance for pensioners at the level of the state pension - can't remember, did Labour do the same?

No, Labour did not match that promise.

The £400 figure is the amount over and above inflation.

Are you sure, I thought the 400 was the total triple lock increase based on 4-5% average income increase about double inflation?

The BBC article states:

The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms.

The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week.

But as the article does not give the expected individual percentages of each of the Triple Lock components, the 'internal workings' referred to can't be verified. Perhaps they missed a comma after 'above inflation' which would change the meaning of the opening sentence.

I read is as having the implicit comma - I guess we don't have long to wait and see.  Why the BBC is spinning for Labour in respect of the removal of the winter fuel allowance from people who are well below the poverty line is anyone's guess.

FIREDreamer

michaels said:

hugheskevi said:

michaels said:

hugheskevi said:

michaels said:

JoeCrystal said:

BBC did reported that the state pension is likely to go up by £400 next year due to average earnings increase.

Tories promised a special personal allowance for pensioners at the level of the state pension - can't remember, did Labour do the same?

No, Labour did not match that promise.

The £400 figure is the amount over and above inflation.

Are you sure, I thought the 400 was the total triple lock increase based on 4-5% average income increase about double inflation?

The BBC article states:

The Treasury expects the new full state pension to be boosted above inflation by more than £400 a year in cash terms.

The internal working calculations seen by the BBC reflect the near certainty that the state pension will be increased by average earnings figures released next week.

But as the article does not give the expected individual percentages of each of the Triple Lock components, the 'internal workings' referred to can't be verified. Perhaps they missed a comma after 'above inflation' which would change the meaning of the opening sentence.

I read is as having the implicit comma - I guess we don't have long to wait and see.  Why the BBC is spinning for Labour in respect of the removal of the winter fuel allowance from people who are well below the poverty line is anyone's guess.

The BBC has always batted for the lefties. Had the Conservatives had done this they’d be apopleptic.

Universidad

FIREDreamer said:

The BBC has always batted for the lefties.

The BBC always bats for the establishment. Once you look at it that way, the politics evaporate.

MarzipanCrumble

Universidad said:

FIREDreamer said:

The BBC has always batted for the lefties.

The BBC always bats for the establishment. Once you look at it that way, the politics evaporate.

Bit off topic - but don't all media pundits woo their paymaster?

(influencers on social media woo their followers, Newspapers/magazines their subscribers, TV the same.  BBC funding is 'sanctioned' by the political party in power who also 'suggests' who it might appoint as its CEO...../Chair etc)