State pension rise

Another rise ?

Angela Rayner on BBC this morning said that Labour won't commit to keeping the triple lock.

Well yes, the rise in April was 10.1%, you can't describe that as not generous.

It's still below the real cost of living increase for those on low incomes, who can only afford the "basics".

Can’t wait 😛 I ve been caught in the 6 year change so will be at last receiving my state pension! It’s been a real financial struggle the last few years after having to give up my TA job due to daily threats and physical abuse from pupils& parents!

We still have the lowest pension in Europe and possibly much further afield,low pensions ,high taxes and cost of living crisis means life is very difficult for a lot of pensioners especially in areas like mine where people didn't have high paid jobs so no private pensions .
You may not need it but hundreds of thousands do and means testing is degrading and embarassing for many elderly people .This way treating everyone the same means that people in need dont have to claim for it and have the indignity of forms and appeals

I’m grateful for it. Almost 70y and I’ve never had any inheritance (some of my peers have had thousands ££s). Bought new cars with it, gone on cruises etc. Always worked for what we have, never claimed benefits. As a WASPI I’ve had to wait for my SP. Thousands ££s out of pocket (about £36k I worked it out once). Yes ‘enhanced’ SP now but I’ll be 79y before I’m in pocket over what I would have had before the changes - if indeed I live that long! So yes thank you I’m happy to be given a good rise.

Will the triple lock stay?

I doubt it.

10.1% rise was the highest percentage rise I ever had while working. I'm very grateful for my occupational pension as I had to wait six unexpected years for my state one.

Another WASPI.

Next year’s increase is likely to be 8.5%.

www.pensionsage.com/pa/state-pension-set-for-substantial-increase-under-triple-lock.php

It may seem generous percentage wise. In real terms, for someone on the full rate on the new state pension (203.85 or £10,804 pa) the raise will be £17.32 a week before tax, £13.85 after tax. Many state pensioners do not receive the full rate.

By comparision, the latest government data, published in August 2023, reveals that the mean average UK weekly wage, excluding bonuses, is £613 gross equivalent to an annual pre-tax salary of around £31,876 ...

making the full weekly state pension around a third of average weekly wages.

Latest report from ageUK (June2023) shows that 18% of pensioners (over 2 million) are living in poverty.

www.ageuk.org.uk/globalassets/age-uk/documents/reports-and-publications/reports-and-briefings/money-matters/poverty-in-later-life-briefing-june-2023.pdf

The UK government spends a lower percentage of its GDP on pensions that other European countries, lower than Germany, France, Italy, Denmark, The Netherlands.

Thank you Caravansera for your informative post. 👏

Mum will be pleased if it goes up a lot next year😃I’ve a good few years to reach state pension age, it’s so much better now than years ago.No government can really promise the triple lock after next year tho.

Anything is "affordable" if the will is there. Comment pieces in newspapers are so often written by people who have or will have large private pensions, the sort of people that give their winter fuel allowance to charity and think that therefore nobody else needs it either.
The basic state pension is too low to survive on, which is why we have pension credit, that people have to apply for. Some older people still see this as charity and try to survive without.
It is another instance of generations being pitted against each other.

Caravansera The state pension isn't taxed. Total income will only be taxed if the recipient has another source of income.

I am a Waspi, and have been so frustrated at having to wait those extra years. I applaud the fact that we still have the triple lock, to help us. But it takes my hubby over the tax threshold, so he gets it with one hand, and a good percentage is taken back on the other. in tax. Wonder if many others are finding this? The threshold really needs to be looked at.

Urmstongran

I’m grateful for it. Almost 70y and I’ve never had any inheritance (some of my peers have had thousands ££s). Bought new cars with it, gone on cruises etc. Always worked for what we have, never claimed benefits. As a WASPI I’ve had to wait for my SP. Thousands ££s out of pocket (about £36k I worked it out once). Yes ‘enhanced’ SP now but I’ll be 79y before I’m in pocket over what I would have had before the changes - if indeed I live that long! So yes thank you I’m happy to be given a good rise.

Will the triple lock stay?

I doubt it.

If you have average life expectancy, you will live that long.

BridgetPark

I am a Waspi, and have been so frustrated at having to wait those extra years. I applaud the fact that we still have the triple lock, to help us. But it takes my hubby over the tax threshold, so he gets it with one hand, and a good percentage is taken back on the other. in tax. Wonder if many others are finding this? The threshold really needs to be looked at.

If your DH is only just over the tax threshold, he won't lose a "good percentage" in tax.

Sorry, but I do survive on the basic state pension. I receive occupational pensions, but much of that goes on rent. If I were mortgage/rent free, I could survive on the basic state pension.

BridgetPark

I am a Waspi, and have been so frustrated at having to wait those extra years. I applaud the fact that we still have the triple lock, to help us. But it takes my hubby over the tax threshold, so he gets it with one hand, and a good percentage is taken back on the other. in tax. Wonder if many others are finding this? The threshold really needs to be looked at.

You should have known about the increase to 65 in the 1990s. Like me, I expect you found the additional year a blow.

Aveline

10.1% rise was the highest percentage rise I ever had while working. I'm very grateful for my occupational pension as I had to wait six unexpected years for my state one.

Why weren't you "expecting" five of those years?

I expected to retire at 60 like all the WASPI women. Luckily, my occupational pension was accessible from age 60.

growstuff

Sorry, but I do survive on the basic state pension. I receive occupational pensions, but much of that goes on rent. If I were mortgage/rent free, I could survive on the basic state pension.

Paying rent is a necessity. You are not surviving on the state pension if you have an occupational pension.

oh yes, very bumper rise on the old state pension of £156 a week

I wish I had known about the pension age increase but I didn't. Like many others I wasn't informed.

Brahumbug

Well yes, the rise in April was 10.1%, you can't describe that as not generous.

Of course it’s not generous, it’s a reflection of the amount needed to stand still in terms of the cost of living, that’s all. Pensioners won’t be better off as a result of it.