Clutching at straws again today - pension policy

[leafybrew]

So Rishi now is talking of a Pension Triple Lock Plus - ie cutting taxes for pensioners.

Well that's a great plan Rishi - but it doesn't change the fact that I'm 60 and I'm not getting a state pension until I'm 67! Therefore - I for one, am so not bothered about your stupid tax cuts.

Appealing to the older demographic with this carrot might not wash - as what about taxes for public services??? Perhaps quite a few older people might want a functioning health service. Aim at getting the billions owed in tax by the seriously rich.

Yes. Just pensioners. Not the rest of us. Personal allowance is frozen until 2028.

"So this is quite a practical solution, in years gone by anyone aged 65 & over had a higher personal allowance but that was abolished."
Yes, it was abolished by the Conservatives in 2012 to simplify the tax system.

It does. Fortunately the majority of pensioners are old enough and cynical enough to see through a crude inducement to vote a particular way and won’t be bribed.

So the people who use the NHS and public services the most won’t have to contribute towards it. What is it with turkeys and Christmas in the Uk ?

Actually, while it's great that you're not persuaded by this ridiculous policy @BIossomtoes i'm sure plenty will be. Lots of others will probably be persuaded by the NS idea too. To teach the youth a bit of respect 🙄

I think a fair proportion of the people this and the NS announcement is aimed at are likely to have died since the last election.

https://www.britishelectionstudy.com/bes-findings/age-and-voting-behaviour-at-the-2019-general-election/

@Itsrainingten I agree. I heard an 80 year old guy on Radio 4 this lunch saying pensioners deserved to keep their money as it was theirs 🤔 forgetting that some of those taxes fund the NHS that they use. The guy was in Sunak’s constituency so to be expected really.
A young girl was interviewed at the same time and just kept saying ‘I don’t know anything about politics’. It’s pretty worrying tbh.

No tax on the state pension, but increasing tax on occupational ones no doubt. Or higher heating bills if there is no action on energy profiteering compared with plans of other parties.

I don't see a problem with this. Pensioner poverty is a very real thing.

https://ageing-better.org.uk/news/50-years-progress-against-pensioner-poverty-under-threat-state-ageing

https://www.jrf.org.uk/savings-debt-and-assets/how-do-we-defuse-the-pensioner-poverty-time-bomb

Wouldn't people of pensionable age benefit more from improvement to the NHS than £300 a year? Don't see any proposals for that.

The pensioners living in poverty aren’t the ones who’d benefit from this bribe.

They are exactly the people who will benefit. They will earn (approx) £12,500 per year, and will then get taxed on any increase. Could you live comfortably on £12,500 ?

Pensioners don’t earn anything. It’s a cynical attempt to buy votes, just like right to buy was. It’s clearly not aimed at the poorest pensioners.

@SofaThrow what will happen to the NHS when it’s biggest users no longer contribute tax on their pensions ? When inheritance tax is undoubtedly cut along with NIC (which Hunt is toying with) how will state schools etc be funded ? Where is the magic money tree if fewer are paying actual tax ? You’re very excised by VAT on private schools but what about bog standard ordinary children ? Or bog standard ordinary NHS users ?

With regard to VAT on private schools - I just think it's a really very stupid policy which will not work as Starmer is claiming that it will and have said as much.
And I would never refer to any child or person as 'bog standard'.

I do not claim to know all of the answers - I am not an economist I am afraid, just a lowly teacher.

@SofaThrow we know your opinion on everything. We know you’ll vote Tory. Not exactly quiet about it. Well I’m a lowly nurse living in the north and I’m bloody petrified. But then I care for all types of folk, not just privileged ones 🤷🏻‍♂️

Well actually I have said all over this site recently that I shall be spoiling my ballot if a very good independent candidate does not appear. I spoiled last time and am happy to do it again. I have said many times that I shall definitely not vote Labour or Conservative at this election. But you already know this I suppose.

I am not sure if it is a form of immaturity or inability to debate but I get very tired of being accused of being a Tory just because I may not criticise everything they do or laud everything that Starmer does. I see it happen to other posters too.

Not heard you criticise Sunak once (who funnily enough richly deserves it) that’s the issue. There’s no balance. Can’t even answer questions about their ridiculous policies and then says I’m just a lowly teacher, I can’t even explain what they mean.

I am genuinely not sure why you are launching this personal attack. But I think it best to bid you good day as I no longer wish to engage at this level.

There are plenty of pensioners living on less than that.
Pensions were increased so that no one claiming pension after may 2016 would be able to claim pension credit which is a gateway benefit.

State pension is a taxable benefit from so any pensioner who's state pension and private pension adds up to more than the current tax free allowance are already paying income tax.

IMO @rockstarshoes has explained the reason for increasing the threshold quite sensibly. It doesn't make sense for pensions to breach the tax free allowance, and then expect 10m pensioners to start filling in self assessments to claim rebates.

But better, just index-link tax thresholds in line with inflation from 2027, for everyone. The amount of additional revenue seized via fiscal drag is equivalent to a tax increase.

I know. I’m paying it - and happy to pay more. I agree with you @Papyrophile.