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Pensions Triple Lock

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Pensions Triple Lock

Old 24th Jun 2022, 10:26
  #21 (permalink)  
 
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Originally Posted by ETOPS View Post
I'm a UK pensioner having worked from the age of 18 until retirement at age 60. Although for part of that time I was "contracted out" I still have maximum contributions over and above the the threshold number of years and I'm on the "new deal" which came in a few years ago. (although that meant I couldn't claim until age 66).

For this I receive £787.40 every 28 days or £10,236.20 per year - no tax or social tax taken off that amount.

I have no idea how pensioners without other income can get by on that..............
The State pension was never intended to be the sole means of support: I can recall reading that multitudes of times over the decades in articles on pensions. Unfortunately not too many people read those, particularly not those who would have benefited most from that advice. Personally I see the British pension as a very good return on the "investment" and for the lower-paid it becomes even better i.e. their contributions are lower but they get the same pension. It is a s good as a lottery-win for those who earned too little to cross the N.I. threshold, but will still receive the full amount ( with the necessary number of years of work )

It always irks me when there are articles comparing the UK pension to other European ones, because they all ( have seen them in The Guardian and The Telegraph amongst others) compare the pay-out which is monumentally stupid if you ignore the investment needed to get that and this will be much higher in , say Germany or France.

Last edited by Tartiflette Fan; 26th Jun 2022 at 14:47.
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Old 24th Jun 2022, 10:48
  #22 (permalink)  
 
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Originally Posted by ATNotts View Post
I reckon there are couple of posters hereabouts who would very much enjoy a couple of glasses of Claret in each others company!! (perhaps even a trip around the bay on a sail driven vessel).
I think one or two have already indulged in a couple of bottles...
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Old 24th Jun 2022, 11:43
  #23 (permalink)  
 
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The State pension was never intended to be the sole means of support:
Agreed - that was drummed into me from an early age along with a saving ethos - remember Post Office Savings?
So I ended up with a number of pensions (collected along the way) so feel very grateful for the sound advice.

As an aside I do know people will little or no income above their state pension and see them literally counting the pennies.
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Old 25th Jun 2022, 13:39
  #24 (permalink)  
 
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Fingers crossed that the current UK workforce will listen loudly to the huge amount of financial advice available from .gov and unions on saving for retirement and realise the importance and benefit of not delaying.

Last edited by Saab Dastard; 25th Jun 2022 at 16:02. Reason: Reference to deleted posts removed
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Old 25th Jun 2022, 19:44
  #25 (permalink)  
 
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As a point of clarity, every single pension recipient in the future will see the benefit of this rise - albeit at some point in the future for many.

Those who object, will in 20, 30, 40 years time undoubtedly be complaining about their pension value, not realising that their objections to pension rises now, affect them later.
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Old 25th Jun 2022, 19:55
  #26 (permalink)  
 
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Originally Posted by Cornish Jack View Post
However, allow the educated and worldly wise 16 year olds that populate the south of Glasgow sink estates to vote and things look better for the nationalists.
Horror.

Oh dear ! The inter-galactic warp has burped yet another classic of other-worldly philosophy !
In that area of the Universe, intelligence is, apparently, directly attributable to age and place of residence. The Earthly principle, (whereby one can make a reasoned distinction between, say, a self-obsessed Lying Buffoon and a teen-aged gtrl with an obsession with climate change (and a quite remarkable effort to support her belief )), takes its value from commonsense rather than prejudice.
Any chance of using the quote function so that we know who you are quoting? Would also save you the effort of messing about with fonts, colours, underlines, etc.

Thank you.
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Old 25th Jun 2022, 20:19
  #27 (permalink)  
 
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Two things ...

First we will all be pensioners one day, if not already and for all of us the triple lock, if adhered to is good news.

Second, I suspect that most of those without an occupational or private pension that rely solely on the state pension, will get this topped up by the DWP, which is paid for by those of us that had the common sense to invest in an occupational/private pension and pay tax on our total income.


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Old 25th Jun 2022, 20:41
  #28 (permalink)  
 
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Expatrick - My apologies. Obviously we have a different approach to these threads. I understood that the 'feature bar' above the message space was populated with functions intended (where necessary) to amplify and/or add impetus and meaning to what is intended to be more than a procession of characters. You are not alone in your complaint, so don't distress yourself that you might be considered to be 'picky'. As yet the majority of contributors seem perfectly capable of ignoring my deathless prose without going to print on the subject, but, of course, something being in the majority doesn't necessarily make it right !
Anyway, I have noted your apparent discomfort and will react to it as to previous similar. You could, of course, consider making a case to the Mods for a rehash of the 'featires bar' to remove those which cause you so much distress.
You may well not be in a mood to accept advice, but, personally, I find that paying close attention to the input from other contributors, makes understanding both the content and context reasonably obvious. I quite understand that others may be less well versed in the skills required.
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Old 26th Jun 2022, 05:26
  #29 (permalink)  
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Originally Posted by GrahamO View Post
As a point of clarity, every single pension recipient in the future will see the benefit of this rise - albeit at some point in the future for many.

Those who object, will in 20, 30, 40 years time undoubtedly be complaining about their pension value, not realising that their objections to pension rises now, affect them later.
Oh will they?....feel free to explain how this illogical projection will benefit pensioners, both now, and in the future.

This rise is nothing more than a blatant vote grabbing offering targeting a demographic who, in theory, are Tory voters. All this rise does is mirror the rise in inflation...unless you are seriously trying the propose, that, there will be a sudden fall in inflation concurrent with which will be an equally dramatic fall in the cost of living expenditure thereby producing a disparity in disposable income.

Do you really think, that, even when inflation does start to fall, the increased costs, now, as always "regrettably being passed on to the customer ", ...there's not one iota of regret involved from those make this statement, will duly revert back to pre-inflation levels .
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Old 26th Jun 2022, 07:52
  #30 (permalink)  
 
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Its very simple.

A pension is simply the amount of money you get at a point in time, which is itself a culmination of every single increase given in the past.

You seem to think that future state pension values have nothing to do with the accumulated values of past pensioner increases.

Thats how the State pension works.

The rest of your question is nonsense and nothing like what I said. Pensions go up, they do not go down and even if they did, the starting point of a future pension remains the same - the accumulated value of previous pension increases.
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Old 26th Jun 2022, 08:12
  #31 (permalink)  
 
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Donít letís get too excited about the triple lock, there is plenty of time yet. Remember how earnings were removed from this yearís award.
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Old 26th Jun 2022, 08:35
  #32 (permalink)  
 
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Originally Posted by Slow Biker View Post
Donít letís get too excited about the triple lock, there is plenty of time yet. Remember how earnings were removed from this yearís award.
I think it'll be safe for 22/23, and if there isn't an election in 2023, then probably for 23/24 - after that, it's anyone's guess. The over 60s vote in much greater proportions than younger groups, they are "more "tory" than other demographics, and turkeys tend not to vote for Christmas!
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Old 26th Jun 2022, 09:10
  #33 (permalink)  
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Originally Posted by GrahamO View Post
Its very simple.

A pension is simply the amount of money you get at a point in time, which is itself a culmination of every single increase given in the past.

You seem to think that future state pension values have nothing to do with the accumulated values of past pensioner increases.

Thats how the State pension works.

The rest of your question is nonsense and nothing like what I said. Pensions go up, they do not go down and even if they did, the starting point of a future pension remains the same - the accumulated value of previous pension increases.
Thank you for that amazing revelation. As a recipient of the state pension, I've often wondered how this payment was derived.... a complete mystery to me really, until now.

Just in case you missed it, I never said pensions would go down...I did say, that, the rise is simply a political gesture....remember Rishi's terribly over generous 3.1% this year ?.....and with that, has come the impact of disposable income for millions being severely restricted and those so restricted may come in more than useful at the next GE...albeit I wouldn't bet on it after recent results.

The only way this rise would be beneficial for now and the future is, as I said, if inflation falls rapidly and so do all the cumulative costs of living increases or, when inflation does start to fall, the current increases are reduced ...neither of which is likely to happen.

The Tory party loves people like yourself....

Just another little point, as the state pension is forecast to rise in line with inflation, what about those private pension schemes....that aren't...and which, in some cases supplement the state pension as a source of income along with those from major organisations, including the UK Civil Service, which have been quietly watered down to to a considerably reduced payment when, eventually, they can be claimed. .
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Old 26th Jun 2022, 14:53
  #34 (permalink)  
 
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[QUOTE=GrahamO;11251809]Its very simple.

You seem to think that future state pension values have nothing to do with the accumulated values of past pensioner increases.

Thats how the State pension works./QUOTE]

DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD
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Old 26th Jun 2022, 19:50
  #35 (permalink)  
 
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Originally Posted by Tartiflette Fan View Post
DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD
You lost me with that utterance.

Lots old old pennies? The most enormous of tits? I think we should be told.
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Old 26th Jun 2022, 19:51
  #36 (permalink)  
 
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Originally Posted by Krystal n chips View Post
Thank you for that amazing revelation. As a recipient of the state pension, I've often wondered how this payment was derived.... a complete mystery to me really, until now.

Just in case you missed it, I never said pensions would go down...I did say, that, the rise is simply a political gesture....remember Rishi's terribly over generous 3.1% this year ?.....and with that, has come the impact of disposable income for millions being severely restricted and those so restricted may come in more than useful at the next GE...albeit I wouldn't bet on it after recent results.

The only way this rise would be beneficial for now and the future is, as I said, if inflation falls rapidly and so do all the cumulative costs of living increases or, when inflation does start to fall, the current increases are reduced ...neither of which is likely to happen.

The Tory party loves people like yourself....

Just another little point, as the state pension is forecast to rise in line with inflation, what about those private pension schemes....that aren't...and which, in some cases supplement the state pension as a source of income along with those from major organisations, including the UK Civil Service, which have been quietly watered down to to a considerably reduced payment when, eventually, they can be claimed. .
No, you completely changed the subject. It was your comment that you could not comprehend how a rise now would be beneficial to others in the future.

In anticipation, of you then trying to claim that a pension could be reduced, I pre-empted that nonsense argument (should you try it), by reminding you that they don't go down.

I never discussed private pensions and neither did you until now.

I responded to specific claims by you and all you are doing is trying to change the subject and expand to other areas, and I am not playing your game.

Raises in state pensions now affect all future state pensioners. Inflation is irrelevant as a rise is a rise - someone in the future gets more regardless of inflation. Even if inflation rises, they still get more in actual £££'s. That's a simple fact which you claimed to not be able to understand why - and I explained it.
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Old 26th Jun 2022, 21:25
  #37 (permalink)  
 
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Raises in state pensions now affect all future state pensioners. Inflation is irrelevant as a rise is a rise - someone in the future gets more regardless of inflation. Even if inflation rises, they still get more in actual £££'s. Thats a simple fact which you claimed to not be able to understand why - and I explained it.
As a financial dunce and pension income dependant, there's a sense of deja vu and Harold's "Pound in your pocket" in the above ... but, what do I know !

Last edited by Cornish Jack; 27th Jun 2022 at 09:33.
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Old 28th Jun 2022, 06:51
  #38 (permalink)  
 
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Originally Posted by Cornish Jack View Post
As a financial dunce and pension income dependant, there's a sense of deja vu and Harold's "Pound in your pocket" in the above ... but, what do I know !
I think it was Jim Callaghan who talked about 'the pound in your pocket' but memory isn't what it once was so I may be wrong.

As far as the triple lock is concerned I believe the September 2022 rate of inflation (CPI) will be used to determine next year's state pension increase.
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Old 28th Jun 2022, 06:55
  #39 (permalink)  
 
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Originally Posted by BANANASBANANAS View Post
I think it was Jim Callaghan who talked about 'the pound in your pocket' but memory isn't what it once was so I may be wrong.

As far as the triple lock is concerned I believe the September 2022 rate of inflation (CPI) will be used to determine next year's state pension increase.
No it was Wilson, following a devaluation of the pound sterling - I think it was in the region on 15%. Impressionist Mike Yarwood used to "do" Harold Wilson and parody the "pound in your pocket" speech which I think was part of a ministerial broadcast that he did after the devaluation event.

it was of course nonsense, insofar as if you compared it to the dollar sterling was actually not worth what it was before devaluation, but since comparatively few people actually travelled abroad back in the early '60s he got away with it.

Callaghan's famous, but actually completely misquoted quote was "crisis, what crisis" when confronted by journalists on arrival back in UK from some sojourn while the UK was deep in crisis, I can't recall if that was a run on sterling (yet another one!!) or more strikes. Drifting further off topic, Denis Healey never referred to "silly Billies" even though again through the impressions of Mr Yarwood, it became a phrase often attributed to him.
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