2507C0
GrannyGravy13
I watched him being interviewed on GMB by Susanna Reid this morning, hats off to Sir Starmer, in 10 minutes he managed to get in £22 million black hole 9 times, stabilising the economy 11 times.
He did refuse to apologise regarding removing the WFA.
He did say all pensioners are getting a £440 increase in their pensions next year, which is incorrect only this born after 1953 and on the new state pension will receive that amount others a lot less.
And only those who have paid into National Insurance for the required number of years will get £440 next spring ( as the weather begins to warm up). Of course many older women who paid "married women's stamp" and women who took time off from work to have and bring up children, will not get anywhere near that . There are more women than men who do not have a full pension pot. Women are being penalised more than most men by the stripping of the WFA for those unable to claim Pension Credit etc. makes me very angry. Misogamy is alive and well even with a Labour government in power. 😡
It is very important that future generations are taught to understand that the pension is a contributory benefit, and that what they get out is based on what they pay in.
It is already going to be difficult for them to retire below the age of 70 without making extra provision. It has to be made clear that if they pay in less they can't expect to take out the full state pension as though they had made full contributions. I think that everyone should get a free pension forecast (with advice) every ten years - maybe at the age of 30 and on every '0' birthday afterwards - so people know in plenty of time if their contributions are going to fall short. That way they can make them up over time, and make informed decisions about taking time out of the workplace or cutting their contributions.
I know the married woman's stamp no longer exists, but many women seem to assume that their husbands' contributions cover theirs if they opt out of working. Legally, of course, they don't - so again, proper advice is necessary so they aren't going to find themselves short-changed if their husbands don't (or can't) provide for them in retirement, and they can make provision for if they are widowed or divorced in older age.
Alternatively, we could work towards a system where everyone gets a pension regardless of contributions, and there is no NI element. The funding would have to come from increased taxation, however, and the burden of that couldn't fall only on those in work, or those spending the earnings of someone else on a 2 for 1 deal. I can't see a pension poll tax being popular either, but a system where some people expect to get something for nothing whilst others have to pay just can't work. Even if the economics hold up, the basic unfairness would make it unfeasible - who is going to volunteer to be in the 'worker' cohort?
I suspect that this sort of thing comes under the 'difficult decisions' that the government is talking about. Yes, they will be difficult for some, but overall, much fairer. The difficulty is knowing how they can best be phased in without disadvantaging people retrospectively.