I know we try to look at the governments accounts in a more modern way these days - but the government don't. So it is interesting to see how they are playing with their own accounts.
Right now though the government is seeking to pass a Bill that will reduce state pensions by reducing the triple lock that has been in place since 2010, ... You can see the account and the details here.
Please read it. What we do know is that not raising the pension will affect those for whom the State Pension is the majority of their income - including those on Pension Benefits. For those who don't like to click I will quote a little.
It seems to be little known that there is a thing called the National Insurance Fund within UK government accounts.
The article goes on to show the account and the certification that it is true and fair.
What is also clear is that more is being paid into this fund than is required at present to pay pensions. There is at present a surplus of £36.9 billion on the fund account. Under the provisions of the Social Security Administration Act 1992 this surplus has to be identified and the use of these funds is ring-fenced.
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Maintaining the triple lock would cost roughly £5 billion. There is £37 billion in the National Insurance Fund to cover not just that payment, but also the payment due for many years to come, and by continuing with the operation of this fund parliament acknowledges that the funds for this purpose are already set aside for it.
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Instead of paying what is literally due to pensioners, it is lending their pension fund, such as it is, to the Treasury to reduce the national debt. I am sure that they are delighted about that.
Right now though the government is seeking to pass a Bill that will reduce state pensions by reducing the triple lock ...
Is this government actually intending to steal our pensions?
How did you vote and why today
Instant coffee….advice needed.
Well, that was a farce.........
