State Pension rise 2024/2025 story

GibbsRule_No3.

I don’t have access to this story but guess it is to do with my question when I started this thread. Does anyone have the entire story it links to?

hugheskevi

Try this link.

Andy_L

Sunnylifeover50plan said:

Those of us who deal or dealt with sensitive information were told of the classification of the information when it was released to us. If it were confidential then we would keep it so. Governments and the civil service departments have never, seemingly, been constrained by such controls.

I don't think the triple lock using salary increases this year is sensitive information that needs to be kept secret. Its obvious to anyone who understands the triple lock

pinnks

I agree and with the latest CPI and Earnings figures being about 2.5% apart, it doesn't take a genius to speculate what the next data releases will show and to then create some click-bate, especially when you look at the house from which it originates...  

Grumpy_chap

The biggest thing this story really demonstrates is the Triple Lock resulting in the SP increase "double-dipping" as it rises first for inflation and again for the lagging wage rises, yet those earning a wage only see one increase in the cycle.

DBdoobydoo

Grumpy_chap said:

The biggest thing this story really demonstrates is the Triple Lock resulting in the SP increase "double-dipping" as it rises first for inflation and again for the lagging wage rises, yet those earning a wage only see one increase in the cycle.

This is by design so over time the value of the state pension ratchets up so ending pensioner poverty. Unfortunately when introduced no end point was identified it will be politically difficult to abandon the triple lock.

An equitable solution would be to set a target of a fixed percentage of median income then once this was reached via the triple lock the annual increase could be set as CPI alone to maintain the purchasing power of the pension. The actual percentage of median income is open to debate. Currently median income is around £35K so with full new SP around £11.5K it's just under 33%. Raising it to 35% would give a pension of £12.25K while 40% would be £14K