To think we can't afford the triple lock

[paddleboardingmum]

Things seem very weighted against young people right now in terms of tax, student loans, and then there's the cost of mortgages and childcare. I know there are some older people struggling and I do feel sorry for them. But plenty are not and I think we just can't afford the triple lock at the moment. AIBU

When I was working, I didn't begrudge the old folk their state pension.

"Supermarket giant Iceland has launched a free benefits service to help shoppers check and claim financial support that they may be missing out on. Iceland shoppers aged 66 and over can access the service by calling 0330 053 2617 for free, where they will be put through to advisers from Kinly, a UK benefits support organisation."

The reason is that many pensioners are put off by the process of applying for extra help.

Other organsisations offer help to apply too.

Same, but now it’s waaaay too expensive 🙄🙄🙄🙄 so those who’ve paid the most in should lose out so those who have hardly paid anything in can benefit.

Why are you always so defensive? Jealousy imo.

That's modern Britain for you.

I am not jealous in the slightest, most people aged 67 would trade all their worldly goods to be 50 again, never mind 20. But there is a limit to how much it should increase year on year, and I don't feel that the best of all worlds approach is a fair allocation of tax payers money.

Macron tries to increase the French State pension age. The French take to the streets en masse. Why are so divided in this country?
Those who oppose the Triple lock would also like to see the state pension means tested, so they can force pensioners to sell their houses off cheaply in order to survive.

housing prices are high but are doable for a couple earning an average wage.
They're not they are causing misery.

Those who oppose the Triple lock would also like to see the state pension means tested, so they can force pensioners to sell their houses off cheaply in order to survive.
Some people just oppose the triple lock. It's not pensioner bashing or saying the pensions should be stopped. The massive tantrums over even the suggestion that the triple lock could be reviewed are ridiculous. Yes it would also impact the rest of us in the future, but most younger people know they are unlikely to even get a state pension.

But you could say that about any benefit couldn’t you? I think maybe stopping all benefits for those not working apart from the disabled and mothers on maternity leave might be a good start. Why punish pensioners? Why not punish those who won’t work?

I don't want to punish pensioners, or anyone else. I just want to see the rate of increase be based on a single metric. I don't think that is unreasonable.

Why is that? Are all the young people going to die before they reach state pension age? Its just something young people like to say. Young people are just jealous because they would like free money from the government, so they can do nothing all day. They seem to forget that older people are, in fact, old. As to house prices, we live in a free market and higher prices reflect higher demand.

It's a shame this thread has got so personal and emotive. This is an important debate society needs to have and successive governments have repeatedly failed to address it

Some on here would do well to read the book The Pinch by former MP David Willetts (himself of the Baby Boomer generation).

But that's not how it works is it? Today's pensions are paid for by today's taxpayers. It's been known for decades that as people live longer and we have more pensioners we will have fewer taxpayers to cover the cost. There's no point in blaming different sections of society, it's just a fact.

We should be able to talk about how we can change the way pension increases are calculated that will benefit poorer workers and under-funded public services but without hurting poorer pensioners.

The personal tax allowance needs triple locking as well for older people because increasing the state pension pushes more of any private pension into the taxable region. I might start a petition to this effect. I won't come looking for signatories on Mumsnet BTW. Too ageist.

Or we could reduce benefits for those of working age?

Why is that? Are all the young people going to die before they reach state pension age? Its just something young people like to say. Young people are just jealous because they would like free money from the government, so they can do nothing all day. They seem to forget that older people are, in fact, old. As to house prices, we live in a free market and higher prices reflect higher demand.

The housing market has been skewed by by-to-let and the sell off of council houses. Young people are struggling with lack of jobs, student loans, unaffordable housing and no space to have a family, the high tax burden and the cost of childcare. They may rightly be jealous of some on final salary pensions or living in million pound homes which they bought for tens of thousands, but generally I don't think young people are jealous of pensioners or don't care about them. There are some pensioners who seem not to care about people younger than themselves too, not all by any means.

I think this is a difficult one because most younger people know they wont be getting any state-funded pension in future. So it feels like generational inequity.

The issue is that older people were told that the state pension is something they self-funded via their NIC-contributions. We know now that was a lie - there’s no ear-marked fund and many pensioners have paid out more than they paid in. But older people (understandably) see the state pension as something theyve earned, whereas younger people see it as a state benefit (that they wont get when older).

I dont think either group is unreasonable in their thinking. And I dont envy the Government tackling this issue.

I’m in my 40’s and dont expect to get a state pension. However, if i look at my Government statement it says I have built up entitlement based on X many years of contributions and only have to contribute for Y many years to be “entitled” to a full state pension. Itll be a difficult message to back-track on, particularly if current taxpayers have opted to pay additional NIC contributions to make good underpaid years.

Or they could just do more hours or get a 2nd job like many of the older people did when things got tough. My parents did all sorts of extra stuff when interest rates soared in the 70s. Ridiculous things like selling carpets from home.

To clarify my understanding, you think that the income tax personal allowance should be increased, year on year on an equivalent basis to the current state pension increase to preserve the "taxable, but not taxed" status of the state pension. However, the personal allowance for people who receive earned income should remain frozen until 2031.

And to oppose this would be ageist?

Some young people struggle. Not every young person is struggling. Being young does not mean you struggle. Ditto being old and have lots of money.

Go to any airport and you will see plenty that are not. Look at who drives large SUV’s. Many younger people live in very nice houses indeed.

Technically pensions are part of the 'benefits bill''...

I think the UK state pension is already one of the lowest in Europe so I don't see any need to reduce the amount that people get.

However I would mean test the state pension so that it is not paid to those who already have personal wealth and big private pensions.

Past NICs are meant to also pay for NHS and social care. It would be interesting to see the numbers. It's a real worry how all of this is going to be funded in the coming decades.

What government has said that the young won't get a state pension in the future? Noone is saying that.

Mine too. It confuses me when people of working age say there are no jobs, but also immigrants are stealing their jobs. If there were no jobs, how can immigrants be stealing them, and if there are jobs for the immigrants to steal, why don’t the people complaining about immigrants take the jobs?

If you do that the threshold you will soon realise will be reduced very quickly indeed. It will include your house value, savings, earnings etc. And almost impossible to administer.