Triple lock

El Guapo

Well-known member
Is breaking the triple lock on pensions owing to the pandemic and subsequent skewed pay rise re furlough affecting the usable pension rise figure acceptable provided that it is for this year only and the triple lock is reinstated going forward from next year as ‘normality’ returns to the economic systems overall….?
 
It's a tricky one. The problem for me is this is happening at the same time as there is a proposal to increase national insurance to improve social care. Potentially the triple lock will give an abnormal boost to the pensions of the people most likely to immediately benefit from the uplift to social care. This uplift will be paid for by people who've been out of work or on furlough during the pandemic at a time when they are starting to get back to normal work.
In addition I think it's likely there will be additional redundancies when furlough ends and raising national insurance doesn't aid job creation.
I don't know what the answer is, but for me I'd scrap HS2 as a starter for 10.
 
It's a tricky one. The problem for me is this is happening at the same time as there is a proposal to increase national insurance to improve social care. Potentially the triple lock will give an abnormal boost to the pensions of the people most likely to immediately benefit from the uplift to social care. This uplift will be paid for by people who've been out of work or on furlough during the pandemic at a time when they are starting to get back to normal work.
In addition I think it's likely there will be additional redundancies when furlough ends and raising national insurance doesn't aid job creation.
I don't know what the answer is, but for me I'd scrap HS2 as a starter for 10.
Don't get me started on that white elephant.😠
 
Too many are being sucked in by the propaganda being dished out by the wealthy.

The economy has been modified to benefit this group, wealth being transferred upwards and the trend continues. How about taking that wealth back. The second richest nation in Europe is getting away with providing the minimum for those who have created the wealth.
 
You absolutely can't tax the working age people an extra 1%+ for social care and then give pensioners an 8.5% rise.

They're seperate issues entirely along with the size of the pension but fact is that is an outrageous way of dealing with it that shafts the young and benefits the old.

This rise isn't how triple lock is meant to work; it's a blip. There is no 8.5% wage growth, it's caused by Covid creating an anomaly.
 
You absolutely can't tax the working age people an extra 1%+ for social care and then give pensioners an 8.5% rise.

They're seperate issues entirely along with the size of the pension but fact is that is an outrageous way of dealing with it that shafts the young and benefits the old.

This rise isn't how triple lock is meant to work; it's a blip. There is no 8.5% wage growth, it's caused by Covid creating an anomaly.
Define young.
 
You absolutely can't tax the working age people an extra 1%+ for social care and then give pensioners an 8.5% rise.

They're seperate issues entirely along with the size of the pension but fact is that is an outrageous way of dealing with it that shafts the young and benefits the old.

This rise isn't how triple lock is meant to work; it's a blip. There is no 8.5% wage growth, it's caused by Covid creating an anomaly.
Triple lock and hiking NI are two very different things as you say and should be dealt with separately. I agree that hiking NI isn't a very fair way of raising money for social care but that should be dealt with by a vote in parliament, which it will be. Either parliament wants it or they don't. It will tell us all a little something about our representative in parliament.
 
Too many are being sucked in by the propaganda being dished out by the wealthy.

The economy has been modified to benefit this group, wealth being transferred upwards and the trend continues. How about taking that wealth back. The second richest nation in Europe is getting away with providing the minimum for those who have created the wealth.
Lets say you are 20- 30 years old and reading that .......... older people than them have created a debt mountain thru numerous governments and including this pandemic. We havent created wealth we have created debt that must be paid off sometime and by their generation. Then the kicker - pandemic comes in and as posters note thru a weird anamoly it creates a large increase in pension payments to older people which again must be paid for sometime by younger people. Some of the most wealthy people in this country are older people, final salary pensions, very low cost housing, cheap university etc.

It does annoy be when people just say they deserve it - I find it selfish. This triple lock this year should at least be means tested, dont think its vaguely fair to have younger people struggling to fund rich pensioners (and there are millions who live perfectly well funded lives)

This board is great in supporting social issues and the underpriveleged but an issue passing on debt mountains to younger people is not of great importance to many ... and by the way we didnt pay/ fund this, in the 30 years I have worked I have absolutely not always been funding a triple lock pension that has the covid spike in it.
 
Lets say you are 20- 30 years old and reading that .......... older people than them have created a debt mountain thru numerous governments and including this pandemic. We havent created wealth we have created debt that must be paid off sometime and by their generation. Then the kicker - pandemic comes in and as posters note thru a weird anamoly it creates a large increase in pension payments to older people which again must be paid for sometime by younger people. Some of the most wealthy people in this country are older people, final salary pensions, very low cost housing, cheap university etc.

It does annoy be when people just say they deserve it - I find it selfish. This triple lock this year should at least be means tested, dont think its vaguely fair to have younger people struggling to fund rich pensioners (and there are millions who live perfectly well funded lives)

This board is great in supporting social issues and the underpriveleged but an issue passing on debt mountains to younger people is not of great importance to many ... and by the way we didnt pay/ fund this, in the 30 years I have worked I have absolutely not always been funding a triple lock pension that has the covid spike in it.
Public finances don't work like household finances. A sovereign currency-issuing government borrowing in its own currency doesn't have to 'repay' the debt in any meaningful sense. It can simply exchange one form of government debt, e.g. bonds, for another, e.g. currency. See Stephanie Kelton - Debunking the Deficit Myth
 
Lets say you are 20- 30 years old and reading that .......... older people than them have created a debt mountain thru numerous governments and including this pandemic. We havent created wealth we have created debt that must be paid off sometime and by their generation. Then the kicker - pandemic comes in and as posters note thru a weird anamoly it creates a large increase in pension payments to older people which again must be paid for sometime by younger people. Some of the most wealthy people in this country are older people, final salary pensions, very low cost housing, cheap university etc.

It does annoy be when people just say they deserve it - I find it selfish. This triple lock this year should at least be means tested, dont think its vaguely fair to have younger people struggling to fund rich pensioners (and there are millions who live perfectly well funded lives)

This board is great in supporting social issues and the underpriveleged but an issue passing on debt mountains to younger people is not of great importance to many ... and by the way we didnt pay/ fund this, in the 30 years I have worked I have absolutely not always been funding a triple lock pension that has the covid spike in it.
Means tested? The Tripp.e lock is to protect the percentage increase, if you means tested it this year you would have two different pension rates going forward.

Also you see to assume anyone of pension age now didnt themselves inherit any kind of national debt and lived in some rose coloured past, when in fact they inherited the war debt and lived through the most expensive period of borrowing ever.

And for the record I do see a very good argument for breaking the tripped
lock for this year only.
 
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