Pensions… again

[GoodnightAdeline]

https://amp.theguardian.com/money/2024/apr/08/uk-state-pensions-benefits-changes-april-triple-lock-rise

Another pension increase we can’t afford when working people are grappling with the cost of the country.

What will be the endgame in all this? Where will we be in 20 years?

Now why would we think this? - you are half the age of many posters here,
in a different stage of life completely, in your prime possibly, not considering
that pensioners too, pay out, still have fuel bills to pay, food, durables, travel, clothes, whilst volunteering, propping up charity shops, grandchild/ren care,
coach companies on the road, street markets alive, etc., putting back if and
when possible.
A civilised country takes care of its elders.

I am glad that pensioners are getting a decent increase that is exceeding the rate of inflation. Broadly, I am in favour of the triple lock, for now. It is a mechanism that is gradually bringing the state pension in line with its European counterparts. However, I am not sure I support the triple lock indefinitely. At some point though, the working population will wake up and cut through the hysteria to see that the annual increase in SP is the best measure out of 3, RPI AEI or 2.5%. They are guaranteed to be at least as good an increase as inflation or earnings, and if both are low, 2.5%. This is a good way of comparably "equalising" SP, but eventually there will be a crossover point, and the additional funding required by the tax payer to fund this snowball will hasten the increase of SPA or perhaps cause tax rises that will disproportionately affect workers, who won't see the a "triple lock" in their salary increases.

You seem to be overlooking the fact that future pensions will be paid by future tax payers who won't exist if people don't feel economically safe and secure enough to have babies.
There is no pot. You paid for previous generations pensions and will rely on those who come after you to pay your pension in the future.

And it’s children, young people and working people.

Centres to help deprived babies and toddlers are a luxury? Yet it’s essential that a healthy number of millionaires get given more money?

But why try to equalise with European counterparts when those European counterparts do not on the whole have an employer pension like we do here, and they have contributed far, far more to their state pension than any pensioner in the UK. You are comparing apples and pears when comparing EU state pensions to UK state pensions.

Because pensioners vote and can be relied on to vote in their own best interests.

It's an election year OP in case you hadn't noticed.

Your REAL question should be, BTW, why aren't MORE State benefits subject to the triple lock?

OP - I am not sure what you are getting from this thread as you ignore any balanced response and just continue with your rant. I expect you were thinking that taking into account the average age of MN posters you would get lots of supportive comments- guess not.

No because OP is always in the wrong and I go into it with that mindset 😄 most people IRL hold similar views to me.

OP has been a bit unlucky - usually these kinds of threads are a festival of boomer bashing.
You are right that OP ignores any kind of measured debate and keeps ranting soundbites though - maybe training to be an MP or boss of the Post Office.

most people IRL hold similar views to me.😂😂

Aye, right.

They really don’t.

OP you are moving the argument sideways with this comment -

So all babies and toddlers are deprived babies and toddlers and all pensioners millionaires. I can see your strategy instead of explaining your proper workable alternative.

The best thing for deprived babies and toddlers would be a protected benefit system and support for parents to get into work.

My word the paraphrasing, I can’t continue as it’s simply nuts!

And quite a few pensioners, like me, have never voted Tory.

It's also not the fault of pensioners if younger people don't vote.

You can only base that statement on the circles you move in.

So what are you saying? Triple lock should continue indefinitely or cease immediately?

Also babies and toddlers grown into teens and young people. There is nothing out there to support this demographic. So maybe when we’re looking at demographics maybe you could stop embellishing reality and look at other groups less likely to pull at the heart strings of readers you’re trying to convince.

I think you are trying to reach a false goal when comparing with the state pensions of European counterparts. If you take into consideration that UK companies provided separate pensions to their former employees whereas EU employers paid extra into the state system to boost the pensions of their former employees, UK pensions are on average the same as EU pensions.

By keeping the triple lock the country will ratchet up to the most generous EU state pension of all, despite the UK pensioners And their employers having paid in far less to the state pensions than their EU counterparts. This is where the UK runs out of money.

@GoodnightAdeline

Centres to help deprived babies and toddlers are a luxury? Yet it’s essential that a healthy number of millionaires get given more money?

As I said in my previous post, adults can choose not to have children. No-one can choose not to get old. There is other support for people with young children, but no alternative for people when they reach retirement age if they are no longer able to work.

You mentioned furlough payments earlier - like millions of people I didn't benefit from any furlough payments; I'm self employed and I worked exactly the same hours as normal right through the pandemic, as did everyone else I work with. I still have the same bills and outgoings as anyone else and even though I've just qualified for my state pension I have no alternative but to continue working as I can't live on the amount I'm getting, even with the increase that you are so opposed to. This is the third time Ive asked you - could you live on £221 per week and nothing else?

There are many people who can't pay their bills month by month, never mind set up a private pension.

And this has always been the case, to answer the "boomers had it easy and should've made better provision for their old age so that we can cut the state pension now" people. Plus, as others have e pointed out, current pensioners brought up families without the many benefits (including paid maternity leave, childcare support, etc) that are available to people now.

Those earning enough to save right now need to realise that there are many people who can't even keep their houses warm.

I'm not sure you understand what paraphrasing actually means but cheerio anyway.

you take into consideration that UK companies provided separate pensions to their former employees whereas EU employers paid extra into the state system to boost the pensions of their former employees, UK pensions are on average the same as EU pensions.

This is arrant nonsense. Employers pay into the state pension via their NI contribution. They also contribute to private pension schemes. UK state pensions are nowhere close to the EU average.