State Pension Fund News Coming.

[I.D.C.]

Sunak prepares to break triple state pension pledge - FT. Myself and good lady have been talking about this subject for a while wondering not if but when it will happen. Work till you drop.

 

[Barrymagrec]

The current situation gives them the excuse to do what they always wanted to do anyway.

 

[Bob McC]

If you were relying on the UK state pension alone you would have to work until you dropped.
It is about the worst in Europe.

 

[AlexG]

'If a few old people die, so be it'

 

[russel]

“Look, we’ve tried culling the old codgers off to fund Rees-Moggs offshore wheezes but it’s not enough, millions of you are going to have to pay for it”.

 

[mandryka]

I just glanced at the headline in the FT this morning, I haven’t read the article and I haven’t thought about the details, but one thing caught my eye. It says that they’re expecting an big rise in average salaries over the next couple of years.

 

[Richard Nichola]

https://www.standard.co.uk/news/uk/rishi-sunak-triple-pension-lock-coronavirus-a4471086.html when you actually read why and how big an effect the forecast changes would have on the state pension, you can understand why they want to drop the triple lock as it would boost state pension by over 21% (102.5% * 118.3%)

The Office for Budget Responsibility has forecast that average earnings will fall by 7.3 per cent by the end of this year, only to rebound by 18.3 per cent in 2021, Bloomberg reports.

 

[kendo]

I just glanced at the headline in the FT this morning, I haven’t read the article and I haven’t thought about the details, but one thing caught my eye. It says that they’re expecting an big rise in average salaries over the next couple of years.

Compared with this year's artificially lowered wages due to lower furlough rates of pay rising back to "normal" levels.

https://www.ft.com/content/817ace46-2aa8-44b9-9b14-7035b5b0f718

 

[mandryka]

Compared with this year's artificially lowered wages due to lower furlough rates of pay rising back to "normal" levels.

https://www.ft.com/content/817ace46-2aa8-44b9-9b14-7035b5b0f718

Ah, thanks, that makes sense of it.

 

[Sue Pertwee-Tyr]

Ah, thanks, that makes sense of it.

I think that if the stats showed an anomalous jump in earnings, year on year, due to that effect, that would be a good, and fair, reason to suspend the triple-lock for a year or two. My guess is the Tories will instead use it as an excuse to abandon it entirely.

 

[TheDecameron]

They’ll means test it eventually.

 

[The Far North]

They recassified the state pension as a "benefit" some years ago in preparation for this sort of thing, so that really hiked up the numbers on benefits and the total cost of benefits.

 

[AlexG]

They recassified the state pension as a "benefit" some years ago in preparation for this sort of thing, so that really hiked up the numbers on benefits and the total cost of benefits.

They reclassified social security as benefits quite some time before that as that use of language is much more aggressive.

 

[Sue Pertwee-Tyr]

They reclassified social security as benefits quite some time before that as that use of language is much more aggressive.

Isn’t it odd, and rather depressing, that an ostensibly nice word like ‘benefit’ can be twisted so out of shape it becomes pejorative.

 

[gavreid]

They'll lose a fair amount of core support over this move - a lot of older folks voted Tory over the triple lock. They also failed to support the health of the frail, which will also leave the slightly younger worried about care homes etc...

 

[sq225917]

They'll not lose any support over it, they'll simply distract the population with someone else to hate instead.

 

[Brian]

They'll not lose any support over it, they'll simply distract the population with someone else to hate instead.

Can’t ‘like’ it, but totally agree.

 

[Mike Reed]

a lot of older folks voted Tory over the triple lock

Does Gordon Brown's brainchild really have credibility nowadays? Certainly not after the coronavirus upheavals, surely. It was in the Tory manifesto, but although I benefit from this, it does seem anachronistic today.

 

[gavreid]

It's a mistake to take everyone for fools, the vast majority (at least think they) know what is in their personal interest...

 

[Snufkin]

The UK state pension is pretty poor by European standards so it would be a shame if they abandoned the triple lock as its the only way its ever going to improve.