Article in the Independent this morning states..,
"However, when asked if the government was planning any changes to the pension triple lock, a Downing Street source said: “These are unique and challenging economic circumstances and we can’t hide from that. Decisions on tax and pension policy are set out by the chancellor in budgets, but there are no plans to abolish the triple lock and we will always stand by pensioners.”
https://www.independent.co.uk/news/...hi-sunak-conservative-manifesto-a9570336.html
A bit like a football club publicly stating how safe the manager’s job is before sacking him I imagine
Those on company pensions should.
Not really, considering how little the UK state pension pays out and the burden placed on those with savings (many of whom are pensioners) over the last 12 years or so given the historically low interest rates.
So if tax rates increase to cover the burden, then they'll pay more.
I think the issue is that it would cost more to administer a means tested allowance than to just give it to all pensioners.
and quite rightly so
) and have just lived off my savings for the past 10 years but the interest rate drops ever further through the floor day by day and although I'm ok many pensioners who'd thought they could take an income from their savings can't be getting much interest. When you add up all the bills that need to be paid I'd imagine that there are many pensioners struggling and winter fuel and free TV licences and all the other little perks can become things that are relied upon.
Of course times can be difficult when you lose your job, and younger people are suffering now. But, they have options where many pensioners do not. I remember joining the 3 million in the early eighties when I was made redundant. Despite having a trade, employment was difficult to come by. I went to work in Germany and when I returned worked for a couple of years in London, returning home to my young family at weekends. We got by because I had options. Pensioners generally do not, they may have a home they can rely on to see them through difficult times but thats not the case for every pensioner. What they have now is generally their lot in life, most just want to live it out in reasonable comfort, I know I do. I know it's an old cliché, 'we've paid our taxes, worked hard to help make the country prosperous', but cliché or not it's true, and I don't think it unreasonable that pensioners shouldn't be entitled to a certain standard of living.
It must make sense to someone, Probably the borrower ..
I think many did, by dying.
That's what's going on. I was working at an investment bank during October 1987 and the traders were putting money anywhere that looked safe. "Safe" being a relative term, with all the indices dropping like stones.
(NB But I am a realist in regard to what must be done now to, so to speak, reset the system ~ see post #27)
Granted this pandemic has created a major crisis with some staggering sums of debt being built up........!
But a not entirely unrelated history...
Back when Geoffrey Howe was Chancellor I used to joke(?) to colleagues that my taxes were helping to pay "the national debt", so fast forward to the State Pension time, I have worked 47 "qualifying years" to ensure I would receive the full state pension.
I think I understand where the extra years came from, as it often stated that a worker needs 30 qualifying years to 'get' the entitlement to the full state pension. I kept contributing to guarantee I would get the full entitlement.
So after 47 years of working and in those years paying my taxes to help dig the UK out a debt hole on more than one occasion, I am pleased that my pension is helped by the triple lock
PS not withstanding that when I borrowed money to buy my house (the mortgage) I was paying more, compared the "cheap money period" we have had for some years, for many years it was between 13 to 15.5% ~ might have been 17.5% per the odd year. So I dug deep and was not spending what I did not have!
Granted this pandemic has created a major crisis with some staggering sums of debt being built up........!
But a not entirely unrelated history...
Back when Geoffrey Howe was Chancellor I used to joke(?) to colleagues that my taxes were helping to pay "the national debt", so fast forward to the State Pension time, I have worked 47 "qualifying years" to ensure I would receive the full state pension.
I think I understand where the extra years came from, as it often stated that a worker needs 30 qualifying years to 'get' the entitlement to the full state pension. I kept contributing to guarantee I would get the full entitlement.
So after 47 years of working and in those years paying my taxes to help dig the UK out a debt hole on more than one occasion, I am pleased that my pension is helped by the triple lock
PS not withstanding that when I borrowed money to buy my house (the mortgage) I was paying more, compared the "cheap money period" we have had for some years, for many years it was between 13 to 15.5% ~ might have been 17.5% per the odd year. So I dug deep and was not spending what I did not have!
Although bigger deposits are required, and borrowings need to be up to 6x salary these days, they can offset the higher payments by taking out 30 or 35 year mortgages, whereas when I was 24 and had 2 kids, we bought a 2 bed cottage for £24k and was able to borrow 100% against my £8k a year salary with a max term of 25 years. When interest rates rocketed to 15/16% it was a struggle.
