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UK state pension triple lock under threat! (4k)

As inflation falls, the Chancellor is being warned that the state pension triple lock will become unaffordable.

It looks like the Coronavirus pandemic might be about to claim another victim – that off the UK state pension triple lock.

The triple lock pledge ensures that the state pension rises in April every year at the rate of either: wage growth, inflation as measured in September or 2.5% – whichever is the highest.

In April this year it rose by the amount wages went up, which was 3.9%.

Now, as we all know, the government reactions to the pandemic are going to inevitably lead to a mass of redundancies later this year, putting many people on the dole.

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Written by Jeff Taylor

For independence and democracy! This channel is dedicated to politics, political news and political commentary. It is predominantly aimed at UK politics from a centre right perspective, but delves into all areas of global politics where appropriate. It also aims to promote the concept of an independent and sovereign UK taking its own place in the world, post Brexit.

Comments

  1. The government forgo £40 BILLION a year in potential tax revenues, because of the tax break that has operated since 1911, called the Additional Pension Contributions Relief Allowance.
    It mainly goes to the rich-better-off taxpayers, when they retire, their pension pots are inflated by the reliefs gained over the lifetime of the pension pot they pay into.
    Now, when they retire they supposedly pay tax on that enhanced level of pension income aising from that bigger pot, but that is not always the case, because the rich & better-off often retire abroad to escape the taxman's clutches.
    The Tories could reduce that allowance to those Basic Rate taxpayers only, saving about £25 BILLION a year, some of which should be used to pay a decent pension to men & women born before 06 April 1951-3 repectively.
    That it does not do so, gives pension companies the opportunity to attack current state pensioners increases, because those companies perceive a threat to the abolition of the additional pension contribution relief money, which means that they would have to make contributions into the funds that they manage, produce a real return on those contributions.
    The relief money forgone by the government each year, goes into the pension companies profits, part of which funds their operating cost.
    I strongly believe that everybody shouldcould manage their own pension pot.
    Remember Nick LEESON, who broke Barings Bank?
    Take notice of what he says here & if you can, follow his advice to the letter;-
    Nick LEESON-BARINGS BANK
    = Do you use an independent financial adviser? =
    I would never use any financial adviser. They are salespeople. When you see a broker or a bank manager they have something to sell. They may be doing things in your interest, but their main task is to make money out of you. One of the reasons for the recent banking crisis is that people put too much trust into what they are told by those working in finance this is because they have not been properly educated about personal finance.
    Our education system should have personal finance on the school curriculum. It really is not that complicated, but banks and advisers try to make it sound so difficult to understand so they can make money out of us.
    = Do you invest in stocks and shares? =
    I have a pension fund I look after myself I buy and sell shares within the fund but not on a daily basis. I do my trading on the internet. I would not give my money to someone else to look after. It is important to stay in control and get to decide how your pension fund is invested. The days when I took a more active interest in markets are far behind me.

  2. Become a lord, sit on your arse fall asleep when someone wakes you up and collect your £300 for the day. 2 weeks pension for me.??‍♂️

  3. The rich get richer, the poor get poorer. So many pensioners and sick people are going to die. Die in penury, cold and hungry. The Government have no idea of that misery. They should try it for a while. Searching your chairs to see if you can find a pound coin. Despicable.

  4. even though it is the biggest gesture in Government history to pay the wages of masses, with hindsight, maybe should have been 60% not 80%, because no one want's to go back to work or school

  5. Ah !.
    Cometh the Dawn and with it the light !.
    Now the whole Covid19 caper becomes clear !.
    I always thought it looked, smelt and felt wrong.
    I've seen every Epidemic since 1948 and this one doesn't sit right.????????

  6. The Welfare State is well passed its sell by date. Every ones NI contributions should be NHS contributions. Your pension should be self-funded. Even during times of unemployment, a percentage of your benefits could be paid to the personal pension provider of choice. This is the way we are going and so should it be. Give back responsibility for health care and retirement plans to the individual. Providing the Government provides choices and a safely net for the disadvantaged then job done.

  7. Historically all Governments will encourage young people to save for a pension then as soon as it is due will try every way to relieve them of it. Guaranteed the high CV-19 fatality rate has saved the treasury some pension payments.

  8. I just became a pensioner and next month am moving abroad. What will happen to me then? The Pension Dept. said that moving to another EU country, at the moment, is safe. What will happen to me after the transition period ends? British pensioners living in Spain or Australia (as per example) suffered a lot in the past years, losing every year and becoming very poor. They had no compensation from the British government whatsoever, usually they get a support from their families, however, I am alone. Would my pension be affected and in what way? Shall I cancel my plans?

  9. I say, OK … lets end the triple lock now, but only after introducing a genuinely progressive tax system first. Specifically, STOP the unjust government-sponsored practice of paying wealthy land owners for the mere 'service' of owning tonnages of land under the unchallenged feudal system that has remained in place for centuries – stop this practice now!!!!!!!! Also, introduce a mansion asset ownership tax whilst making the council tax tariff system fairer by relative ability to pay. Stop benefits being paid to anyone who owns over a million pounds. Let public service employees be paid tax free wages via off-shore tax jurisdictions filtered through 'our London'. All of this would be a start!!! Then you may be able to justify ending the triple lock.

  10. End wealthy UK land owners getting millions of pounds of tax payers money each year for simply owning land!!!!!!!!!!!!!!!!!!!!!! Why is no one talking about this? Because it has remained concealed!!!!!!! This is the unfairest system in the world!!!!!!!!!!!!!!!!!!!!

  11. Many other platforms with comments from the younger generation, they say that the pensioners should use euthanasia and get rid of them because they give nothing to society, steal the oxygen, have had the best of everything including jobs and dont deserve anything.. I feel that this type of abuse to the pensioners is abhorrent but they don't realise that they will be old one day and it comes upon you very quickly..

  12. STOP LETTING ILLEGAL IMMIGRANTS IN. More money is being poured into housing and supporting them, especially in 4 star hotels up and down the country. These unforeseen and unacceptable spiraling costs should be the ones getting reduced, BEFORE thinking about scrapping triple lock. Look also at the pay rises that have just been awarded to the civil service etc, If the cost of living and inflation is reduced, they DON'T need pay rises, rather the opposite, to remain in the same place financially.. The stare pension is a very basic amount and not enough to live on for the majority of elderly who have had to live on low/very moderate wages all their working lives. No Co pay pension, no chance to save for retirement.

    I am no racist, have no prejudice toward anyone, colour race, creed, religion or any other possibilities that are being labelled, but I do like law and order, free speech, care and consideration in communities for each other, even good manners don't go amiss,! I believe in aiding those in need no matter where in the world or who they are. However, since we are a small island of finite resources, we cannot, be like a lifeboat which keeps piling more and more passengers into the boat until it's too late, the boat starts is king and ultimately most perish. THAT'S NOT SENSIBLE! Sending financial, practical and targeted aid along with useful personnel such as diplomats, targeted organisationally skilled personnel and peace negotiators, seem a better solution than trying to overstretch our already creaking finances to meet unending influx. This therefore isn't about race, but boils down to resources and finance.

    The way economies are run, the more that people get into debt, the better as it allows population, rich and poor, to spend well above their means, which ultimately increases the funds in government coffers. But we have a finite amount of funds, we can't afford to have unprecedented numbers of young men unnecessarily flocking into the country, then requiring large quantities of our limited resources alloted to their needs.Many don't even appreciate it, but complain it's not good enough! Native British People are finding the clash of cultures difficult especially when they begin to feel unsafe in their own towns and villages!

    The elderly have earned their pensions and didn't choose to have their supportive communities disrupted and destroyed by governments, completely out of their depth, telling people to, 'get on your bikes and GO TO WHERE THE WORK IS'! Those governments had no idea at all how much care and support was being given/done FREELY in the community, until that family and community life and support was disrupted and destroyed and the local councils and governments had to start making provision and paying for all that had been naturally, much more expertly targeted and freely provided up and down the country, by families and extended communities..
    We NEED PEOPLE WITH REAL JOINED UP VISION, CREATIVITY, stamina, perseverance AND NO SELF INTEREST, in the driving seat of leaderships to move forward into the 21st century. 100 years ago, this country was crippled by the 1st World War, we recovered to be devastated and bankrupted by the 2nd World War. We rebuilt and recovered enough to provide an unheard of security for every British citizen. Now were in extreme danger of dismantling that, predominantly through corrosive self interest at every level..

    It's great that we have our comprehensive state aid and benefits, but UK is a small island going through CV19 Crisis and Brexit. We're NOT a charitable organisation for all and sundry to make for. The cost to the nation financially, nationally, legally and in imported criminality, is not only huge, it's pretty disruptive. All ILLEGAL immigrants should be ACTIVELY PREVENTED FROM LANDING ON OUR SHORES, [WHETHER BY SEA OR AIR]. There's NO excuse, they are travelling through 'SAFE' countries to get here.

  13. Of Course it Will The FKING Idiot's in Power Have the population Wearing facemasks for no reason what so ever and the FK ING Joke is the FK ING Idiot's are
    Wearing them is there no one out there witha brain

  14. If we end up with a NO Deal Brexit then everyday UK prices will Rise and NOT Fall, while UK State Pensions will still be the lowest paid within the rest of Europe.
    So instead, therefore, Defund this Conservative Government and reduce dramatically the wages of all MPs', and also stop all their Perks, and Reductions that they receive.
    Also, scrap The House of Lords and The Monarchy and let them ALL go out and get a REAL Job instead of living of our UK Pensioners.
    Also, make companies like Amazon, Facebook, Tik-Toc, and Twitter etc; pay a proper rate of Corporation Tax and other related business Taxes like everyone else has to pay.

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