https://www.express.co.uk/finance/pe...policy-UK-2021
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The problem is Lloyd that the pension is linked to whatever is the higher out of three markets, one of which is wage inflation.
This ran at 8% last year due to certain anomalies due to Covid.
I’m not far off the pension now but I understand the argument that an 8% rise when inflation itself is around 2% is both a strain on the public finances and out of kilter with actual cost of living inflation.
Hi Mick, The 8% wouldn't make a lot of difference to me, my tax would go up.
I've prepared for my retirement, I've got an an index linked BT pension plus a private pension.
But for people who didn't save, they have ended up with worse pension in Europe.
MP's only need 13years to get their massive pensions, it would take an average person 65 years to pay in to a scheme to get this.
Women of my wife's age have lost out, my wife is 63 in September but will have to wait to she 66 for her's instead of the age of 60.
We managed to find an extra £20 for everybody on universal credit, the last 18 months.
This 8% will be a one off and chance to boost our pensions in line with Europe.
I paid N.I contributions for 49 years, in that time my company pension eroded constantly. I'm now 75 and rely heavily on my state pension. Poll tax, water rates, cost of living etc. and energy bills have no allowances for oap's. The triple lock was introduced to safeguard this and is necessary for many.
I agree 46 it’s a disgrace that we have one of the worst pensions in EuropeQuote:
Originally Posted by df46
Some opinions are saying that an 8% rise would be unfair on taxpayers; don’t they know that many recipients of the state pension are also taxpayers? When one considers how much money has been thrown down the drain by this government, test and trace, for example, the 8% pension rise is somewhat insignificant.
You either are a pensioner or will be a pensioner paying slightly higher taxes to fund the triple lock is simply investing in your future!
Read the thread title and thought there'd be a link taking me to a site offering the promise of a triple cock extension. Imagine my disappointment. Fkn dyslexia..... 😊 .