We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Gov Petition - Require all state pensions to be paid monthly
Comments
-
You are completely missing the point. Yes, lots of other countries have state pensions paid monthly. The UK and Ireland have state pensions paid weekly. No country has weekly and monthly payments as far as I am aware. And switching from weekly to monthly would have a potentially devastating effect on all of the single 90 year olds with declining mental capacity. Why would you want to confuse them them and leave them without income for nearly a month? That seems incredibly cruel.
0 -
In economic terms it's path dependant: once you've established a standard it becomes difficult to change, even if a different standard would bring advantages.
For example - there would be big advantages if we drove on the right hand side of the road in Britain like they do in Europe. We could buy cars more cheaply from the bigger European market, rather than manufacturers having to make a separate right hand drive version for us. And there would be fewer accidents in Kent and Calais caused by people who've just got off the ferry and forget which side of the road they're supposed to be on. So let's just swap tomorrow. It will be easy, I mean the French can do it, right?
4 -
'Europe' probably built their systems to cater for monthly payments - we didn't.
And as others others have pointed out, it woudl require changes to legislation to do.
Universal Credit cost over £2billion to build and implement. As I said in my previous post it's a very large sledgehammer for a very small nut, and will be very very low on the list of priorities for DWP to be spending money on.
0 -
Also why is it a BENEFIT?
Because it's a benefit.
I paid N.I. Am I not entitled?
No. The government can make arbitrary changes to how much it pays you and how it values your NI years. That's a benefit, not an entitlement.
Just look at how the SP has changed over the last 20 years!
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Kirk Hill Co-op member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 37 MWh generated, long-term average 2.6 Os.4 -
they wouldn’t be forced. The quoted petition is badly worded. I think most in favour on here would suggest it as an additional option
it’s not a huge amount for many but if you’re paid weekly you can only rely on 4 payments in most months. So you are effectively limiting your SP part of your budget to 4/52ths (1/13th) of the year amount rather than 1/12thAbout £90 a month or £1000 a year which isn’t pocket change for many. Yes you can have some buffer to mitigate or keep the extra for other things but that feels like unnecessary obfuscation
1 -
Not a change to the existing.. (unless someone requests a change)
An Option at the start .
I.e. Do you want your pension paid, weekly, bi-weekly, 4 weekly, or Monthly?
And once chosen, this cannot be changed.
As I said… "EUROPE DOES IT"
0 -
Leave it the way it is.
Why subject the country to more expense changing a system that basically works.
Who will make the software changes - Capita / Fujitsu??🤬
2 -
Except not all benefits are paid weekly , universal credit is paid monthly.
Personaly if I have the choice then I will opt for my state pension to be paid weekly. Both of my modest DB pensions will be paid quarterly (in advance).
0 -
Why should we do it because Europe does it?
Maybe Europe should adopt the UK way of doing it.
0 -
Your NI contributions were used to pay the pensions of the pensioners at that time.
Your state pension is currently paid for by the current NI contributions being paid.There is no pot of money put aside for your pension.
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.2K Banking & Borrowing
- 254.7K Reduce Debt & Boost Income
- 455.8K Spending & Discounts
- 247.9K Work, Benefits & Business
- 605K Mortgages, Homes & Bills
- 178.8K Life & Family
- 262.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards