Andy Burnham to scrap Pension Triple Lock

[gagzus 25,709]

 

[gagzus 25,709]

It’s about damn time, Pensions are going up disproportionately to actual working wages in the UK. And people forget a pension is a benefit.

[Skyana Rava 2,858]

Is this good or is this propaganda about shifting money from the working class to the rich?

Edit: I'm legitimately asking. I don't know what triple lock even means

Edited 13 hours ago by Skyana Rava

[gagzus 25,709]

19 minutes ago, Skyana Rava said:

Is this good or is this propaganda about shifting money from the working class to the rich?

Edit: I'm legitimately asking. I don't know what triple lock even means

The triple lock guarantees the State Pension rises each year by whichever is highest of average earnings growth, inflation, or 2.5%. So, for example, if wages rise by 4%, inflation is 2%, and the 2.5% minimum applies, pensions would increase by 4%.

But it doesn’t discriminate, so if your private pension is £50k+ a year, you are still entitled to the State Pension, but you still get the same percentage increase as someone on just the £12.5k average. And working people’s taxes go up to accommodate.
 

Retirement age for the state pension also continuously gets put back for people, for example 16 years ago it was about 60 but now it’s closing into 70. Which means the current generation of pensioners in their 70s will have had 10+ years more pension than someone under the retirement age is. Because people are living longer. Which means by the time I retire, it maybe very well be that I’m only entitled to 5-10 years worth of pension whilst the current wave of pensioners will end up with almost 30 years worth.

For some reason in the UK many people think that the taxes tou pay in your own lifetime equate to a personal pension, they don’t. Taxes working people pay now pay for the currently retired people‘s pensions.

It’s supposed to protect pensioners’ incomes from inflation and ensure they share in rising living standards, but it is controversial because it can increase government spending significantly and means pensioners’ incomes can rise faster than those of working-age people when earnings or inflation are high.

For example, since 2010 almost £16billion has been added to pensions due to the Triple Lock. 

Edited 12 hours ago by gagzus

[nATAH 58,449]

i quite like this man

[Bronco 28,249]

The ****ing mad lad.

If I didnt hate my local Labour MP on a personal level these days I'd be tempted to support them in the next general at this rate.