What do you think will happen to the state pension in the future?

Not really no.

That report is 18 months old. You really think the COL crisis hasn’t gripped people to a significantly greater degree since it was written?

I’m 39 I have paid into the system for over 20 years at this point. But have around 30 years left before pensionable age.

I think it will be means tested for sure, or even not existing at all.

I auto pay into a workplace pension so I expect this will rule me out of any pension provided by the state.

I’m sure that those without a workplace pension will have the state pension or a version of it though.

It is definitely a frustrating position to be in, but not sure what else can be done, plus each subsequent generation will have it harder.

Link to earnings is the obvious solution surely! 1/3 of national average earnings seems a good balance.

The state pension IS enough to live on. In some exceptional circumstances pension credits (welfare) may be needed. Say a single retiree in rented accommodation. That’s according to the IFS btw:

https://ifs.org.uk/publications/future-state-pension

Generally, if you want a better retirement you’ll need to earn it.

I don’t, FFS. What I find unacceptable (and extraordinary, come to that) is your complete failure to acknowledge that a) the state pension is not enough to live on and b) some people cannot afford to make their own provisions. How is that so difficult for you to understand?

The pension has never made financial sense for a country. It makes moral sense perhaps.

There are a diminishing number of economically productive workers who support vast swathes of society with huge tax contributions. Remember the top 10% pay over 60% of all income tax collected, and the top 1% almost 30% alone!

The combination of working age work shy, combined with 13million pensioners, means our economy is hurting. And the situation is deteriorating rapidly. Increased taxes are pushing anyone who can leave. Labour are incapable of delivering even the most minor of benefit cuts. The debt levels are rising.

The entitlement of wanting generous support both during a working life AND retirement, funded by others, is extraordinary. And so many feel they deserve this, and others should pay. “Those with the broadest shoulders…”

We are heading for a situation where the Government will not be able to cover it’s debt. It will turn to the IMF for help. They will do so. But in return there will be savage cuts to working and pension benefits. Where only the truly and most needy will get anything.

Debate over triple locks and PIP payments is dinner chatter in the Titanic dining room.

A loaf of bread and a pint of milk costs the same regardless of your weekly wage. However, if you are on a low wage this simple purchase takes a much bigger percentage of your wage than for a higher paid person. That makes it a lot more difficult to find hundreds of pounds a month for a private pension whereas a richer person would hardly notice it.
I can't believe the narrow bigoted comments from those who are commenting that these low paid workers who have been working all their lives "should have made more provision."
I thought it was supposed to be part of our " British Values" that we look after the elderly and keep it them fed?
There is such a gap between the " haves and have nots" in this country now. There are lots of people who have worked important but low paid jobs all their lives who rely on state pension. You can't just remove this provision and say they should have been better prepared. That's morally bankrupt.

They deserve a basic liveable pension. If they want more than this then it comes from making your own provisions. This is precisely what the state pension is ment to be. Extraordinary you consider such a basic social agreement to be so unacceptable!

👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻

That is hands down one of the most vile things I’ve ever read on MN, and I’ve been on here a long time.

To clarify, you are literally saying that those without the resources/ability to improve their lot intrinsically deserve less than those who are better equipped to advance themselves?

Just wow.

A basic lifestyle only though. No winter cruises or prosecco nights.

In your opinion. And you’re wrong. It’s supposed to be enough to live on.

The state pension isn’t supposed to be decent.

Hope that clarifies.

Decent and generous are different things.

Well no, not if you have enough of a cash buffer and can cut expenditure for a few years while it recovers. Really not impossible but you need to start early.

I think it will just continue to incrementally increase age wise.

The state pension is not supposed to be generous. It is supposed to be a minimum. If you want a decent retirement you will have to make your own provision.

Why not?

No, they don’t.

I don't expect to get any meaningful state pension at all. My financial projections are all based on receiving nothing

I don’t agree @Viviennemary, you forgot about public sector pensions. A private pension is the only one of these that carries risk - risk the stock market will tank and you’ll loose a lot of money that you may never recover. Those in the middle are basically stuffed, no wonder so many youngsters are just living off benefits, they can see that work doesn’t pay.

And isn't that unfortunate, given that many are in the middle through no fault of their own.

You will either need to be on a very good private pension or be on benefits for this that or the other. Anyone in the middle will struggle.