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.

Yeah, perfect example of how we already have this concept of giving back (forced tax, not volunteered) - we need to keep the momentum going by undoing a policy that shouldn't have existed in the first place. Access to any benefit should drop off once you hit a certain earning threshold. Because you're no longer 'in the same boat as the rest of us' - you made it on to dry land; a private island with servants and luxury. Chuck back that life jacket you no longer need. And the food rations too.

Average income for a single pensioner is £14,664 p.a and for a married couple £30,940 p.a. Since income tax threshold is £12570 the average pensioner is already contributing tax towards their pension.

Actually, as well as "work and build for a few more decades first" , you also need to not fuck up the economy by demanding that all the money is given to you right now.

If you disincentivise work and you over-tax and over-regulate businesses - driving investment and jobs away from the UK to more profitable places - then it won't end well for you.

These are the Millennial policies which your children will blame you for, much as you blame earlier generations for their own well-meaning mistakes.

He will be taxed on his income, just like the rest of us. He has paid his dues and is entitled to his pension.

I hear you. I have chronic health conditions after being relatively fit till 60. I also wonder about quality of life. I do hope you are OK, Asosbabe. If truly feeling suicidal please reach out to someone. Its always darkest before the dawn, as they say. Sending hugsxxxxx

This. 52 1/7 actually (and 2/7 in leap years).

After housing costs?

And schools? the NHS? Should access to these also be restricted?

It's difficult to ask people to contribute if you exclude them from the benefits.

Or alternatively we incentivise people to get out there and work by rewarding it, not stripping them of benefits for having paid in for years? The message should be, if you want to live above subsistence in retirement, you need to WORK to earn it.

I wonder how much ending the triple lock will impact young people too. I've already heard colleagues saying it's likely to affect their decision on how long they remain in the workplace, particularly those with generous employer contributions. Older people staying in work longer than they were intending to means fewer jobs freed up for young people - that's in addition to the anticipated loss of jobs due to AI.

Some people work in min wage jobs and can barely keep their heads above water as it is.

If anyone else tells me there are no jobs available I'll scream the place down.

Here (NW) a quick look at just one employment agency reveals positions for ;

Teaching assistant
Evri delivery driver
Support at home UK (carer)
Family support worker (Prison service)
Dental nurse
Catering assistant
Bar workers
Kwikfit trainee fitter
Baristas

Not that it's any business of yours - why shouldn't he have his state pension? He will be paying tax on his other income and you don't know how hard he may have worked to achieve his millions that enable him to have a good retirement.
I'd be more inclined to be slating those who have made benefits a lifestyle choice and consequently have a better life with benefits than many who work hard for their minimum wage. If the government were to tax even those on benefits ( and yes I know it's money going round in circles!) and restore the two child cap because these families chose to have more kids so should pay for them.
You say to cancel the triple lock but two out of the three criteria are applied to benefits reflecting inflation or earnings growth - the other is 2.5%, You are suggesting that which ever happens to be the highest be knocked off because pensioners in general don't need it. If that's the case then I hope the same criteria is applied to all benefits because they won't need it either!!

Plenty of people, as has been explained numerous times.

You sound so bitter. State pension is NOT a benefit. People have paid into the system their whole working lives. If your relative is getting more than the standard rate it will be because he chose to pay an enhanced rate. If you think it’s unfair because he has so much money why don’t you get off your arse, sort yourself out and better your own life - and don’t whinge about any circumstances you might have, we’ve all got sob stories as to why we can’t have/do something. People’s lives are what they make them. Make your own and stop complaining about others. It’s not fair 😂😂😂

You're more annoying than people who made a mistake.

I admire your persistence with this ;-)

More than one of these jobs would require specific qualifications or experience. You do understand that some people live in deprived areas where many people are chasing the same job. How much do you think a self employed Evri delivery driver makes per day. How many parcels they need to deliver in a day for their self employed wage

That’s good. There are plenty of people who could take these jobs.

Its not about making a mistake. It is the people who constantly come on to threads like this without a clue what they are talking about and spread false information.

I wouldn't be qualified to do a single one of the jobs posted above.

What on earth are you on about? What impact do you think ending the triple lock will have on anyone? Do you even know what the triple lock is?

it was a formula set to increase pensions annually. What happens now is that the formula is a bit less generous. Why? We’ll think of inflation. Inflation soars one year, the triple lock is increased by inflation. Pay rises soar the next year to reflect the rise in inflation, the triple lock is increased by pay rises. So the triple lock meant big increases in pension two years running due to the lag in pay rises, which meant it rose much higher than inflation did.

This is just a silly thing to say.

You know there are millions of people in each age bracket? Yet you are confidently generalising about them all! Boomers and Gen Z get targeted with such hatred, and they are stereotyped because of the one thing they cannot control: when they were born.

How old are you? I am Gen X, and I think we and millennials have relatively little criticism compared to those older and younger than us. It seems pretty unfair to me.

And your evidence to support this assertion is…?

Superannuation was set up for employers to contribute to a pension fund without the estate forking out billions later on in age pensions, and future tax payers funding it. Right now the compulsory guarantee rate from employers is 12% of the salary.

It's one of the reasons the age pension is means and income tested. Some people will get a million dollars, some (specially women working part time because of children) will receive less. It's the rationale our age pension is income and means tested when super is taking into account.

Supperannuation is not taxed on retirement age because the whole scheme is set up for employers to fund their employee retirement. The age pension is the safe guard for people without the assets or income to get a minimum standard of living.

And no, superannuation will not be taxed. Even populist parties don't want to touch the system except they want people to access funds to get deposits for a home. Which won't happen.