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.

Agreed.

You are barking up the wrong tree if you are thinking of ways to make cuts.
Targeting pensioners isn't it.

My father gets £1400 per month, he’s on the older scheme, SERPS?

He paid into the system in good faith that it would be returned to him in his old age. Break that, and you break the faith in the whole system.

If you earn an average wage of £30000 and pay NI for 35 years you’ll pay about 48k in NI contributions. Not all of that goes to the state pension and if you live more than four years after retirement you’ll start to get back more than you put in. As it’s not invested to grow as NI contributions pay for current government spending it is not at all like a private pension where you only get back what you paid in plus any extra from investments (even most defined benefits schemes roughly follow this). Out NI contributions also go towards the NHS and you don’t necessarily get the service from that which you should. Whether or not you think it should be means tested it is important to realise the vast majority of people get far more back from the state pension than they ever paid into the system.

What don’t you think is true and what is Chat GPT telling you that makes you think it isn’t true?

I'm a pensioner and I don't know anyone who received £1400 monthly I personally only get £800

Yes, it's less than 1k max. I get around 800 as well

They absolutely are benefits though.

Yes agreed and even more people on min wage jobs who just about keep head above water and none to save, back then or now really and of course, women traditionally having lower paid jobs, we can't all be heads of companies after all..

I wrote about the women part, hoping it would resonate on MN !

The old state pension isn’t £1k max.

https://www.gov.uk/additional-state-pension
Depends on age of pensioner, year they retired, did they opt in or out? Highest I've seen was £330 per week. You are referring to the New State Pension introduced in 2016

Did I see a reference to maintaining the pension at least 30% of average wage? Was that in his speech or is that 'clarification' from others?
How does that target compare with now?

People's faith in the government system is already broken in so many ways. NHS is broken, education is broken, justice system is broken. I'm not sure this is the hill I would die on.

Well as a working age person I do sympathise but it would mean we dont get our state pension when the time come so turkeys voting for Christmas really

He didnt pay into anything. He paid for his parents' pensions. We pay for his pension now. He doesn't need this money. The NHS is on its knees. Older people need it more than ever. The money will be better used there.

The old basic state pension is maximum £184 a week. You had to work and pay NI for 30 years to get that amount.
On top of that was serps. You got more state pension if you were working and dependent on your earnings. Anyone in a workplace of private pension was usually contracted out of serps. If in a workplace pension you usually did not have the option to be in serps.
In addition, you can defer when you take your state pension and increase the amount you got. I worked with someone at 60 who deferred her state pension, so she would get more when she did retire.

But don't you see if state pension becomes means tested it will soon mean only the poorest get it? The level will simply reduce and then inflation will erode it further. It could end up only people who have never worked get it, while those of us who have done the right thing end up with nothing

There are plenty of pensioners who do need it! They are not all multi millionaires! On the other hand he is more than happy to reach into my pocket to pay out ridiculous amounts on benefits to people who do not need it! I know several people on benefits who are much better off than my husband and I who work full time.

Yes they should be paid better, compared to rest of Europe we are poor in pensions.
Remember also that when some of us paid in money had more buying power, the buying power of our pension has been decreased by inflation.
Margaret Thatcher understood that and worked hard to keep inflation lower.

Pensions are not benefits he’s paid his dues and I bet more than most in tax etc. yes other points fair but it’s not one or the other.

Careful what you wish for. Even if means testing the state pension is on the cards, it won’t happen for at least another 15+ years to allow people to adjust their saving habits.

High earning pensioners already pay higher level income tax.

Even introducing NI for pensioners would need many years of lead in, and a raised/graduated threshold so as not to screw up the already somewhat inadequate saving plans of most prospective pensioners with private defined contribution (as opposed to publicly funded defined benefit) pensions.

Yet you think you are entitled to state benefit on £3600. To support the child you chose to have.

Your title makes it sound like you’re just pleased that people you consider to be undeserving will have less.
The money will probably not end up enhancing the lives of the younger generation. The way this country is going, it will probably be needed to service the interest in our ever growing debt.

Why should I pay for you to have children.?

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

Sure you do.