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Pension, triple lock and inflation

(62 Posts)
Whitewavemark2 Thu 19-May-22 06:44:24

There are calls from numerous charities like age concern, as well as pressure from MPs, for the government to bring forward next years pension rise to now in order to help pensioners in poverty and those likely to find themselves newly in poverty as a result of the catastrophic price rises in fuel and food.

The treasury are saying that it is technically too difficult.

If it is the case, then they should be tackling the difficulty now as without assistance I dread to think what the result is going to be for these folk.

Whitewavemark2 Mon 23-May-22 08:36:54

The latest pearl of wisdom to emanate from the dear leader’s lips

“Work your way out of the cost of living crises”

Chardy Mon 23-May-22 08:13:01

MaggsMcG

The only women that have been shafted are those born between 1953 and 1955 everyone else knew that the pension age was increasing and if they didn't its no ones fault but their own for not keeping up with the news. My daughter was born in 1979 and she knew. If women want equal pay for equal work its only fair that they have to take the bad with the good. Also people are living a lot longer now so its not fair on the Tax Payers to be paying out Pensions for 25 to 30 years for everyone.

* Life expectancy is going down.
* 1952 baby here, I had to wait 2 and a half years for my SP, so not sure why I'm excluded in your post. But that isn't nearly as bad as it is for my younger siblings
*1995 Budget, The Times had 3 lines on SPA with the wrong preposition, which said this would happen in 2020 not by 2020
* I too was working ridiculous hours in 1995, working full-time in a stressful job and bringing up 2 kids as a single parent
* In mid-90s, you would be sent a letter if your Family Allowance was going up £1. Why would you be expected to check nothing was happening to a state pension that hadn't changed since since WW2?

Lastly victim-blaming is very unattractive.

DiamondLily Mon 23-May-22 07:38:43

Saetana

As I understand it, Universal Credit is easy to uprate whenever necessary - this is not the case for pensions and legacy benefits, which is why people like my late husband on legacy disability benefits did not get the £20 per week extra that those on UC got during the pandemic. This is obviously not acceptable - but altering computer systems to make it possible is likely to take longer than the current cost of living crisis.

They can, and do update amounts, every April. They process new claims daily, and they pay back pay, where appropriate, to all of the legacy benefits.

This "computer says no" is a handy excuse, but could easily be adjusted.

DiamondLily Mon 23-May-22 07:33:00

DiamondLily

And, of course, something that affects all of those over the age of 75.

The abolition of the free TV License.

The concession that the Tories promised to keep. They broke their promise and cancelled it and tried to blame the BBC.?

Sorty, the above should read nearly all of those over aged 75.

Those claiming Pension Crefit can still get it.?

DiamondLily Mon 23-May-22 07:24:22

And, of course, something that affects all of those over the age of 75.

The abolition of the free TV License.

The concession that the Tories promised to keep. They broke their promise and cancelled it and tried to blame the BBC.?

Mumofthree Mon 23-May-22 06:19:20

Chewbacca

^when I was 16, I was promised a full pension at 60, if I worked and paid full NI, which I did.^
Then, the goalposts moved and I had to wait an extra 6 years. ?
When I finally got it, I was promised the triple lock, and then that stopped this year.
Two promises broken.

Exactly the same for me too Diamond, I'm feeling like I've been well and truly shafted. angry

Me too ladies, I have no private pension and I have only my stste pension to live on. Its disgraceful I also worked from 15 and took part time jobs when the girls were young but I was shocked to learn at 58 I had to work till 66 not 60 as promised.

Treetops05 Mon 23-May-22 02:45:05

Sadly, politicians and governments keeping promises is virtually unheard of sad

Saetana Sun 22-May-22 22:44:34

As I understand it, Universal Credit is easy to uprate whenever necessary - this is not the case for pensions and legacy benefits, which is why people like my late husband on legacy disability benefits did not get the £20 per week extra that those on UC got during the pandemic. This is obviously not acceptable - but altering computer systems to make it possible is likely to take longer than the current cost of living crisis.

Zonne Sun 22-May-22 17:31:21

MaggsMcG

The only women that have been shafted are those born between 1953 and 1955 everyone else knew that the pension age was increasing and if they didn't its no ones fault but their own for not keeping up with the news. My daughter was born in 1979 and she knew. If women want equal pay for equal work its only fair that they have to take the bad with the good. Also people are living a lot longer now so its not fair on the Tax Payers to be paying out Pensions for 25 to 30 years for everyone.

Tell you what, pet: I’ll be content with the equalisation of pension ages when there’s equality in pensions, which means equality in salaries, in childcare and other caring responsibilities, in private pension design, in adjusting for life expectancy and other demographic factors, and so much more.

The pension gap is higher than than the salary gap between men and women, and it’s getting worse rather than better.

Don’t take my word for it; there is lots of acceptance of this, including by the House of Commons, who have produced a briefing paper on the subject commonslibrary.parliament.uk/research-briefings/cbp-9517/

Casdon Sun 22-May-22 17:16:28

I’m an NHS pensioner too. The NHS annual pension rise is paid in April, based on changes in retail prices in the twelve months ending 30 September in the previous calendar year. From 2011-12 the Consumer Price Index (CPI) was used to replace the Retail Prices Index (RPI), so it is less advantageous to us NHS pensioners. Losing 5% of your pension for every year you retire before 60 is quite a loss if you consider it over an average life span, so if you can hang on to retire until you are 60 it would be better financially - you definitely wouldn’t be better off retiring early, if you ask your pensions department they will do you a forecast based on the different scenarios.

magshard20 Sun 22-May-22 16:57:17

Because I only ever paid in the "married women's" contributions, my personal state pension is only £86 per week. Luckily I do have a small NHS pension, but it doesn't mean I am "well off"........ if anything happens to my husband before me, I really am not sure how I would manage.
I admit pensions are not my forte, but I think the government try there hardest to "tie us up in knots" most of the time !!

Gandalf Sun 22-May-22 16:39:38

I’m an NHS worker in my late 50’s. Most of my pension is still based on the final salary scheme.

As far as I know, NHS pensions are still index liked.

Speculation is the Government is likely to offer a 3% pay deal to the NHS, but inflation is running at 9%. We might get a max 5% rise after strike threats and much negotiation by the unions, but I’m not holding my breath.

I loose approx 5% of my pension for every year I retire before 60.

But …… if my pension is index linked it goes up 9% with inflation, while if I carry on working the increase is only going to be 3-5%. Maybe I’m better off going a year early at 59 and let the pension rise with inflation rather than working another year???

Seems crazy. My husband recently reduced from full time to two days a week, but is now wondering if he would be better off just taking his pension, which is almost the same as his salary for a 2 day week, as the pension will increase faster than his local government salary.

Petera Sun 22-May-22 15:51:16

Shandy57

Inaccurate information source MaggsMcG, women after 1955 were affected too.

I was born in 1957, and if I had been informed of the changes, would not have taken my Teacher's Pension early. As for 'keeping up with the news' I was a busy Lecturer with two small children, and my husband worked away during the week. My evenings were spent marking and doing prep once they'd gone to bed, not reading the papers or watching tv for DWP adverts.

Indeed, I have a friend born in 1958 and the same thing. She was aware of it, she repeatedly contacted the DWP for details and was repeatedly fobbed off.

62Granny Sun 22-May-22 15:47:13

I am glad you have highlighted the triple lock for pensioners as I was certain people had forgotten about this . Another promise broken?

Jane43 Sun 22-May-22 15:38:42

Chewbacca

^when I was 16, I was promised a full pension at 60, if I worked and paid full NI, which I did.^
Then, the goalposts moved and I had to wait an extra 6 years. ?
When I finally got it, I was promised the triple lock, and then that stopped this year.
Two promises broken.

Exactly the same for me too Diamond, I'm feeling like I've been well and truly shafted. angry

Those of us who got the pension at 60 get a lower rate of pension and always will. Also if we stayed at home caring for children before 1973 we didn’t get NI credits so unless we could afford to pay for the missing contributions we were never going to get the full pension, I stayed home for 10 years and returned to work in 1973 so was 10 years short in my NI record. Neither things are just of course but I just wanted to point that out.

Spinnaker Sun 22-May-22 15:11:17

MaggsMcG

The only women that have been shafted are those born between 1953 and 1955 everyone else knew that the pension age was increasing and if they didn't its no ones fault but their own for not keeping up with the news. My daughter was born in 1979 and she knew. If women want equal pay for equal work its only fair that they have to take the bad with the good. Also people are living a lot longer now so its not fair on the Tax Payers to be paying out Pensions for 25 to 30 years for everyone.

What a horribly sanctimonious post ! Don't presume to know what I and others do or do not know.

Harris27 Sun 22-May-22 15:04:55

Can’t wait for my pension working now full time in childcare.
I’m 62 and struggling. Aching every night but need to do this till I can afford to stop!

chrissie13 Sun 22-May-22 15:01:52

What is really unfair is the difference in income between the 'new'and 'old' pensions.

Bijou Sun 22-May-22 14:57:46

As a pensioner I used to be on a special SoLow tarriff water rate. That has now been abolished. When shocked at the amount my Smart meter was showing I called the company only to be told I was on the lowest rate. I am on Pension Guarantee so do feel sorry for those on basic Pension.
I do have to employ someone to do housework, gardening and personal care so it is a struggle anyway.

OakDryad Sun 22-May-22 14:49:42

Agreed Doodledog I used to watch the HoC debates about this and swear that the (then) Pensions Minister Guy Opperman did not even understand the issue. It wasn't that the government could not find the money. It chose not to. There is so much ignrance surrounding the whole issue. I wonder how many women don't know why there was a five year difference?

coastalgran Sun 22-May-22 14:38:57

The comment from the Bible 'The poor will always be among us' even Charles Dickens in 'A Christmas Carol' couldn't reverse the situation because rich people don't understand poor people or the concept of being poor or destitute and poor people are often fearful of the very rich that is how it works in society.

4allweknow Sun 22-May-22 14:34:10

Any woman who did not work but stayed at home to look after family shoukd have all the years added to their pension Contributions. When I married I was not allowed to continue working with a town council. Policy was no married women employed. Obviously a gap in contributions until I found another but lower paid job. Often wonder if I should sue them for discrimination. I'd be surorised if we ever see the triple lock applied again. It's like Boris's misdemeanours, ignore, keep quiet and they will be forgotten.

Doodledog Sun 22-May-22 14:33:25

Agreed, Shandy57. I get so sick of people who claim to know what other people knew and when they knew it.

Even the government admit that they didn't tell women about the changes early enough. As for the hackneyed trope about 'if you want equality, yada yada' - how do you go from years of discrimination to equality overnight? Yes, anyone starting a career after the EA had a bit of a chance (although you can't legislate for attitudes, and the gender pay gap even now is way above 10% - 26% in some professions), but those already in work didn't suddenly get promoted to where they might have been if not for being denied the chance to apply for particular roles.

And yes, we all know that there are individuals for whom this is all theoretical as they managed to rise above it all by their sheer brilliance or determination, but they are among the few, not the many.

Cabbie21 Sun 22-May-22 14:29:33

The DWP computer systems were quickly able to implement - and later, remove- the £20 a week increase to Universal Credit claimants, so if the government wanted, it could just as easily implement another £20 a week increase now. I would propose giving it to everyone on means-tested benefits: Pension Credit, UC, ESA, JSA, CA…
I am less sure about an uplift to all on SRP, as not all pensioners are on the bread- line, but a one- off, like the winter fuel allowance, would not come amiss.

ruthiek Sun 22-May-22 14:17:51

That’s the same as me , I am 69 and feel I should go back to work to help out , but I have worked since I Was 15?