Triple lock broken

leeCal

Ms Coffey says
"So tomorrow, I will introduce the Social Security Uprating of Benefits Bill. For 2022/2023 only, it will ensure the basic and new state pensions increase by 2.5% or in line with inflation - which is expected to be the higher figure this year.“

This is supposed to be for one year only.

wilko

Not at all surprised an 8% rise in pensions would be lovely but the country can’t afford it and the pandemic has changed the way the end results have came into being. With more and more people likely or expected to be made redundant the fall out and cost to the government and the only revenue coming in is from those working it’s a lot going out and very little coming in. 

leeCal

Very true @Teddybear12, I agree that the country can’t really afford an eight percent rise but we pensioners do actually pay tax, VAT for example.

We are now left with a rise of either 2.5% or the rate of inflation if higher which is forecast to be between 3 to 4%. So all is not lost so to speak.

woodbine

I suppose the 8% was never going to happen and it only come about due to furlough ending and people wages going up from 80% to 100%..

I think the 1.25% increase in employees and employers n.i. and share dividends is long over-due, we have to find a fairer way of funding care for the elderly. The first major tax rise in decades !

foxuk

The thing that gets to me is that people have never paid for their own pensions in the past.

Pensions have been paid for by the working population.

My grandparents didn't pay for pensions or the NHS as the system didn't exist when they worked. My parents paid for my grandparents pensions and NHS treatment as they believed that my generation would and did pay for theirs.

My generation are now being told we should have paid not only for previous generations but for ourselves as well and not be a 'burden' on the current working population.

There was an implied contract that if we paid for pensions and care of others whilst we worked our pensions and care would be paid for by future generations.

I am afraid it is really that simple, we are no longer getting the pensions and care we have already paid for as all the money has been spent in tax cuts and dividends.

woodbine

One of the downfalls of the change in 2015 where people over 55 could take all their defined cont. private pensions is going to mean that more than in the past people will only have their SRP to live on, I suppose we can't have it both ways.

leeCal

I don’t have a works pension and just rely on the state. ?

calcotti

woodbine said: I think the 1.25% increase in employees and employers n.i. and share dividends is long over-due, we have to find a fairer way of funding care for the elderly. 

As far as I can see the money raised will largely go to protect the assets of wealthier pensioners, there doesn’t appear to be any extra money to directly fund care itself.

Lisatho11987777

The money isn't actually going into the care itself its trying to help people who have property and money that is used to pay for their  care so inheritance is lost and property to the care system 

What I found unfair as a working carer is that the carers get little pay even though the company's carers work for get lots of money 

Hypothetical  synario  carer works a waking night company get 300.00 a night carer only gets paid 50.00  some carers are on minimum wage  and work hard whilst the company's sit back and make loads of money out of the elderly and the disabled