To be glad triple lock going and hope they means test it too

[Randomamsi]

I have a multi millionaire senior relative who receives £1,400 from the state pension each month, in addition to 6k private pension.

He's not means tested and he's received that for 30 years. Yes, he paid into the system but he does not need it!!! He also had free uni, dirt cheap first house back in the 60s and retired aged 59.

Meanwhile the younger generation:

• thousands in student loan debt
• asset poor as can't get on the housing ladder
• means tested for child benefit, tax free childcare etc
• working until late 60s/ 70s

Why do pensioners have it easy while younger ones pay the price?

For vulnerable pensioners at risk of poverty, there should obviously be provision to help them, I'm not suggesting we let people starve. But multimillionaire pensioners or very asset rich pensioners do NOT need the state pension. It's about time things changed.

And rather than getting more people to pay in, they're trying to squeeze those ones who do pay in, even more. To take even more to give to those who don't pay in anything.
Economics tells is this situation is unsustainable. Laffer Curve. But Labour are economically illiterate. It's a problem,

Remember all these wealthy pensions you mention they are spending … how many people own businesses that rely on sales?

It is not a race to the bottom … they have paid into their pension and planned financially with expectation they will get a full state pension. If they have more that 12.5k they are taxed, thus benefitting the Uk further.

There is a difference between doing away with the triple lock and someone being means tested.

The old state pension is a variable amount, dependent on factors such as earnings.

On an earlier thread, posters were advocating no expensive
cancer treatment for the over 75s.

I'm never quite sure why this claimed.

The student loans system involves means testings parents.
The entire student loans company operational budget is 300 million to 1.5 million students
The state pension cost the UK around 150 billion a year, there are 13 million pensioners.

If means testing the pension costs the same amount as the SLC it would cost 2.6 billion. It would likely cost significantly less due to economies of scale.

If means testing meant only 1.7% of pensioners didn't receive a state pension it would bring a gain. 25% of pensioners are millionaires, so the saving could be huge.

We could be going down the route of why does someone get this, that and the other? What about those who don't have children? Paying child benefit, schools, free childcare?? What about those working, paying for someone who is off sick?

Envy. What should be happening is better opportunities for the younger generation to build their lives and their own wealth, not take it from those who have paid into the system for years.

Why
nit say those who barely work, have put in a minimum, dont get a pension?

But isn't it Social care in England that is going to have this money ploughed into it?
I'm in Scotland. Why are Scottish pensioners being expected to fund the English Social care system?

Are things like ISAs included in means testing child benefit because people use them as a pension

I very much doubt (to put it politely or rather don't believe to be more blunt) that he gets that much as £1045 is the full New State Pension (which not everyone gets) and £800 and something is the Basic State Pension.

I honestly don’t understand how posters write such crap. Current pensioners have better private pensions on average because the schemes were more generous!

You think national fiscal policy should be determined on a sample size of one person?? Baffling. Thank God you’re not in a decision making position about pensions.
Be interesting to see how you feel when you get to pensionable age.

I agree triple lock needed to go.
The state pension should not be means tested. It would start off only the richest not getting it but would soon lower so only the very poorest got it.

PP did not post in support of keeping the triple lock. She just wants to keep her pension.

A very amusing fantasy.

You don't, really, believe it, do you.

Because we have an ageing population

Well, she will so she doesn't need to worry.

I agree with the OP.

There are many many women who stayed at home, looking after children who never built up private pensions, who rely on the state pension. About 4 million of them and over half of those living in real poverty.

I agree about the triple lock but not the means testing.

She’ll be voting far right and ranting about benefit scroungers.

It’s both something to be proud of and to be relieved about.

The UK has relatively low state pension, and lots of tax support for private savings and occupational pensions. Other countries share it differently, but by total pension cost to the state we aren’t especially low.

Far better that people have real cash that they can invest as the wish, in line with their own needs and appetite, than have an unfunded promise. Also a better principle (I think) to support people to become financially independent than to support them to be state-reliant.

Bigger state pension (as a share) would mean an even bigger demographic fiscal time bomb, more for the state to take away, more to politicise.

That one of the few silver linings in our policy.

Well you are WRONG.
Google SERPS, then admit you’re wrong.
Plenty of older pensioners get £20-£25k State Pensions.
Just because YOU don’t believe it, doesn’t make it a lie.

OK, let’s means test the pension because apparently people with large private pensions or other financial assets apparently shouldn’t be taking the pension they have paid into during their working lives .

Then I suggest we means test access to the NHS to people who could easily afford to pay for private health care for either acute care or even for long term care.

And following that why not take a look at the wealthy parents who choose to use the public school system as opposed to educating their children privately ,thereby having their childrens education funded for 13 or 14 years , not forgetting that any will have multiple children so are using the state system for almost 40 years in total ( assuming three children). Ironically probably a lot longer than most pensioners claim pensions.