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.

I said barista and bar worker which is on that list. I know because they did get a job doing that.

some. some have extremely bad luck.

A lot have only themselves to blame - poor work ethics, poor life choices.

My DP hired contractor recently - £1200 daily rate, fully remote. Dream job you'd say. The person did f..k all in three weeks, was out of the door before the end of probation.

UK, with all its drive for opportunities to underprivileged groups, education, hiring requirements - if you're in NMW jobs all your life and unless you're severely disabled or caring for such person, it's sort of on you.
NMW jobs are absolutely needed and should provide a reasonable standard of living, but I question ambition and drive of people who stay in such jobs for life.

What the stats show is that after housing pensioners have the most disposable income. They don’t need as much income as younger people because they have lower (or no) housing costs. They have more spare money than any other demographic.

And here they are -
No formal academic qualifications are required to become an Operational Support Grade (OSG) prison support worker in the UK.
Basic Requirements
Core Skills: Basic maths, spelling, grammar, and fluent English (or Welsh in Wales)
IT Literacy: Basic computer skills, including the ability to use MS Word and email.
Practical Abilities: Clear handwriting, the ability to read 24-hour time, and physical stamina for walking, standing, and lifting.
Age & Eligibility: You must be at least 18 years old and have the right to work in the UK.

In fact, the monthly cost of buying an average house outside London and the SE as a proportion of an average salary hasn't changed that much from the supposedly golden time of 1995 - and it's far better than in 1990 when interest rates peaked!

(you need to open the image to see the years. The first column is 1990, the middle one is 1995, and the right hand one is now)

One thing about means testing pensions, it would need to be phased in over time to be acceptable. Like raising the pension age. So at first it would only hit a small no of v wealthy pensioners. It’s the young folks today who will get hit by it hard as it ratchets up over time. Like student loans. Did we say 3k? Oh that was just for starters, we really meant 9k.

Or people make a mistake.

Why should I as a childless person pay for your children? You shouldn’t be entitled with the amount of money you get.

this is what your comment leads too unkindness all around. If everyone pays their way everyone in need is looked after. Otherwise we end up like the US wanting 2yr olds arrested by ICE.

I've worked more than one job in the charity sector where the wages were comparatively poor compared to the qualifications I had. Its not all about drive.

I'm strongly in favour of removing the triple lock and Labour's proposal sems like a small step in the right direction.

Strongly against the idea of means testing the state pension. There is a very low level of understanding on these boards about retirement planning and the level of assets you need to create even a fairly modest income. The state pension is the bedrock of pension planning for almost everybody (you'd need around £200k in assets to replace it with an index-linked annuity). The number of people who don't rely on it to some extent is tiny and the costs of administering the means testing would far outweigh any money saved.

@Blinkett They don’t need as much income as younger people because they have lower (or no) housing costs.

Since when?
Even if you own a property and have no mortgage it still needs to be maintained and heated.

Do you think people who have never paid any NI should be entitled to the state pension? If yes, why do you think people who have never contributed should get it but people who have paid NI (from being employed) for many years shouldn't? Don't you think this goes against all the preaching of "fairness"? Why should I invest in a private pension if it means I'll be penalised by over £10k per year for having been responsible for my old age? Should I just claim benefits, not work and get my NI stamp? Don't you think a lot of people who currently work and invest in a private pension will change how they behave and just spend their money now and not invest if they are going to be punished for it? Ever heard of second order effects? The loss of the state pension is equivalent to having a £250k pension pot removed from your future as that is how much any person who gets the state pension gets per year as the equivalent of a (currently inflation linked) annuity.

do you think it's excessive?

If they introduce means testing I am cashing in my private pension and stopping work tomorrow. No point continuing to work if others who have never worked get what I won't.
Most private pensions are small. They were sold to older people as a top up to the state pension to make life on retirement easier.

So am I
Im still working and so are most of my colleagues
Many of them are women who raised children( no CC or pension options) and are facing a bleak retirement
Boomers are dying off, the dog whistle of " selfish boomers" isnt heard when the money starts filtering down is it?

25% of single pensioners live in poverty, half if those live in whats termed deep poverty
Why is there no concern for them when there is concern for benefits claimants in poverty?

No, it's basic skills IMO.

And experience working with the public depending on what part of the UK you are applying in

Some of them are too fucking stupid to realise that the youngest of the hated "boomers" have six more years till they reach retirement age.

And the younger generationns will benefit from the return on an asset they have built up over 25-40 years once they've done that saving. My chart above shows that's just as achievable for them outside London as it was for the older generation.

Or if they choose not to, then they'll still be paying rent.

@Constantrunner
Precisely
No one will save/ work , whats the point?
Just holding a blinkered " Booomers!" view is narrow minded and harmful in the long term

yes but those with a mortgage have to heat and maintain their properties AND pay a mortgage, hence housing costs are lower, as I said. And heating a property isn’t generally considered a ‘housing cost’.

Lots of people struggle to afford a mortgage these days. Particularly single people on low incomes.

And council tax paid on its value.

And prison staff get really good pensions from an early age too.

Honestly if you worked your career in a prison your pension should not be means tested no matter how good your civil service pension. It’s a tough job and you deserve every penny.

Do you seriously think housing in the future will gain in value like it has in the last 30 years? I think real house prices will drop and keep dropping due to the falling population. House price falls are always a good thing if you ask me.