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 find it hilarious how aghast some pensioners are at the state pension being described as a benefit - which is 100% is!

The triple lock going is the right and fair thing. With changing demographics we simply can’t afford it.
We must balance the needs of the older generation, with those of the younger. We need to invest in education, housing, early years childcare, NHS, aging infrastructure and job creation. The triple lock and WFA needs to go and we then look at a more generous pensions credit system so the help really gets to those that need it.
This generation of pensioners are among the wealthiest households having benefited from home ownership and defined benefit pensions.

You’re not at all bitter about this 90 year old relative are you?

I agree. My ex FIL lives abroad, has multiple properties there and two businesses, so loads of passive income. His state pension gets put in a bank account here and just sits there earning interest. Absolutely no need for it at all.

What age did you have your dc?

Plus 60k in 2013 when they introduced means tested is 90k in today’s money.

Means testing is unreasonable in my view; rightly or wrongly, people were told their NI was earning them a "right" to their pension. All other old age benefits should be means tested, though.

Triple lock absolutely needs to go though, no reason pensions should be treated differently to benefits and public sector wages (and half the time way better than private sector wages too).

They should have saved hard if they want money in their old age - like the young are doing.

I think you’re angry at the wrong people. Why not target your ire at the billionaires bleeding the country dry while avoiding and evading taxes rather than ordinary folk who happen to have been alive at a time when it was possible to live well and save well because the cost of living was much cheaper? I don’t begrudge boomers their money, but I am angry that the super-rich who could do so much good but instead choose to hoard it.

Why do people keep comparing our pensions to Europe? They are not the same systems!

You know this is exactly what political parties want. Instead of seeing you focus your anger on their shortcomings they set one part of society against another.

@Randomamsi none of these changes will affect your relative. The people who suffer will be the very same young people who you appear to think woukd benefit. They will not. They will have to suffer a much greater cut to their current living standards as they will have to put 25% of their current income into pension savings because without the triple lock, the value of the state pension with degrade to a token amount by the time they retire. People already retired will lose nothing.

@Randomamsi I claim child benefit about £100 a month from the state. Salary about £3,600 However due to a bonus I went over the child benefit threshold and now have to pay back some of the money and Gov is clawing it back.

Fake news. The child benefit threshold is a high salary of £60k a year. Below that, you keep all of the child benefit money.

Assuming you mean £3.6k a month, that's £43,200 a year. No one would receive a bonus that's almost half of their salary to put them above £60k.

They have said what they are doing so lobbying now is irrelevant.

You do realise people with ££££££s also pay far more tax than someone on £3k a month don’t you? Your relatives state and private pension of £7+k a month means he’ll pay 40% tax on much of it,

Good grief - it's not a pension "scheme". The state pension is a benefit paid by current working people.
The state pension and private pensions are completely different.

Some things were harder, some things weren’t

Your relative is not‘typical’ financially of the majority of pensioners! Many have no savings because they were in low paid jobs and still having to pay rent ,non existent private pensions blah blah .

So many people have absolutely no idea how different the pensions systems between the UK and EU are, and simply think there’s a straight read across. That’s like comparing apples and Pokémon.

Your argument makes no sense whatsoever. Yes "younger" people struggle and you are fleeing that they will continue to struggle well into their retirement? Your 90 year old multimillionaire (and likely non existent) relative will die in a few years but ALL of us will be living with the consequences when we reach the retirement age.
I asked this on another triple lock thread and got no answer whatsoever so I will ask you again - how do you think cutting pensions for the "undeserving" will help younger people with housing, childcare and col in general?

On that income level, his annual tax will be very roughly equivalent to his state pension, possibly more. So don't worry, he is still a net contributor.

He'd paid into the state his whole working life. Who are you to say he shouldn't have his state pension. Give it to others who haven't paid in I suppose? Ridiculous.

Yes yes I know the pot of cash doesn't work that way. Blah blah blah.

Agree. I'm sick to death of everything being "means tested" just to satisfy some right sour pusses (or right wingers who'll only be happy when noone gets anything and the majority of the UK are living in penury).

Plodding on, working hard and trying to save a few quid while the goalposts are continually moved is worse than annoying.

I’m unsure about the triple lock, economists need to get in about that. Whatever happens I do not want to see pensioners in poverty and as a feminist I’m acutely aware of the gender pension gap.

I really hope means testing if brought in, is brought in at some vast amount. I worry that being prudent and frugal since my 20s to save into pension will come back to bite me on the bum.

I’m also worried about value of property. My teeny house which we bought at the height of 2007 just before the crash has now regained all the negative equity and then some! It’s worth so much more than we paid for it. We’ll be paying a mortgage for another 18 years.

We are not wealthy by any stretch of the imagination, but we (my DH and I) are exactly the sort of people who will lose if means and/or asset testing come in.

How have today's youngsters got it easier than pensioners had?
Even pensioners who were in unskilled low paid jobs own houses , have savings and ok pensions making them very comfortable.

What have today's youngsters in the the same positions got in terms of future prospects, home ownership and a comfortable enjoyable life? Just debt and more debt. But don't worry the government won't build affordable homes just expensive homes with a cheap loan for a deposit! Absolutely brilliant Labour.

I know it's strange! It's almost like they think there's some shame in it being called a 'benefit'.