The triple lock.

[the other bob wilson]

My question for those over 66 like myself is do you think there should be a scheme whereby you can voluntarily forego the pension rises, or a proportion of them, announced in yesterday's pre election "giveaway" if you are so minded? For myself, I'm hardly wealthy, so need some sort of annual rise, but, if I could, I would reduce it to something like four or five per cent - although every penny of the eight per cent plus will be needed in many cases I'm sure, it seems excessive in mine.

[Taunton Blue Genie]

Re: The triple lock.

You could always donate any unwanted rise to charities if your choice rather than effectively returning it to the government's coffers.

[the other bob wilson]

Re: The triple lock.

You could always donate any unwanted rise to charities if your choice rather than effectively returning it to the government's coffers.

Since I started to get the state pension, I've been able to make bigger monthly donations to a couple of charities I support and the pound or two I used to spend every week for stuff for the foodbank boxes in the supermarkets I use has swollen to around a tenner in recent months so I'm content that I'm doing my bit when it comes to charitable donations already - it's naive of me I know, but if Governments could be trusted to do as they say, I'd happily donate some of a rise in pension to a fund set up for health and education spending.

[Taunton Blue Genie]

Re: The triple lock.

Since I started to get the state pension, I've been able to make bigger monthly donations to a couple of charities I support and the pound or two I used to spend every week for stuff for the foodbank boxes in the supermarkets I use has swollen to around a tenner in recent months so I'm content that I'm doing my bit when it comes to charitable donations already - it's naive of me I know, but if Governments could be trusted to do as they say, I'd happily donate some of a rise in pension to a fund set up for health and education spending.

I had little doubt that you would already be contributing to charities, TOBW, generous person that you are.

[Heathblue]

Re: The triple lock.

My question for those over 66 like myself is do you think there should be a scheme whereby you can voluntarily forego the pension rises, or a proportion of them, announced in yesterday's pre election "giveaway" if you are so minded? For myself, I'm hardly wealthy, so need some sort of annual rise, but, if I could, I would reduce it to something like four or five per cent - although every penny of the eight per cent plus will be needed in many cases I'm sure, it seems excessive in mine.

Being serious for once!! I still have 4 years before i qualify for state pension, (67) my Doris however has just qualified and has received her 1st payment, it sounds a good idea in principle, where I would kick back is that I would have no confidence in any government that the give back would be used to benefit those who need it and it would be squandered on pet projects e.g. cycle lanes.

[A Quiet Monkfish]

Re: The triple lock.

My question for those over 66 like myself is do you think there should be a scheme whereby you can voluntarily forego the pension rises, or a proportion of them, announced in yesterday's pre election "giveaway" if you are so minded? For myself, I'm hardly wealthy, so need some sort of annual rise, but, if I could, I would reduce it to something like four or five per cent - although every penny of the eight per cent plus will be needed in many cases I'm sure, it seems excessive in mine.

The UK state pension is a 3rd of Spain, Belgium, France, and smaller than most western countries. I'll gladly take the 8%.

[Swiss Peter]

Re: The triple lock.

The UK state pension is a 3rd of Spain, Belgium, France, and smaller than most western countries. I'll gladly take the 8%.

Yes, me too. I do think some of the benefits around heating allowances etc should be means tested though.

[the other bob wilson]

Re: The triple lock.

Being serious for once!! I still have 4 years before i qualify for state pension, (67) my Doris however has just qualified and has received her 1st payment, it sounds a good idea in principle, where I would kick back is that I would have no confidence in any government that the give back would be used to benefit those who need it and it would be squandered on pet projects e.g. cycle lanes.

Hence my use of the words “if Governments could be trusted” in my reply to TBG.

[Taunton Blue Genie]

Re: The triple lock.

The German State Pension I receive is 18% of the value of the full UK pension - and I worked there for only 17.5 months in the late 70s, three weeks in that period being on the German dole and many weeks being laid off on the building site due to the weather being too cold and receiving the lower rate of 'Schlechtwettergeld' (literal translation being 'Bad Weather Money') for staying at home.
Generous, our State Pension isn't.

[ninian opinian]

Re: The triple lock.

The rise in State Pension will result in a high percentage of pensioners becoming liable to tax because the personal allowances are frozen. The tax due cannot be deducted at source so they will be shocked when they receive an assessment sometime after the 6th April asking them to pay the tax they owe on their SP.

Also the rise in SP will mean that pensioners pension credit will reduce, this has a knock on effect to other benefits pensioners can claim.

In other words give with one hand and take back with the other.

[Taunton Blue Genie]

Re: The triple lock.

The rise in State Pension will result in a high percentage of pensioners becoming liable to tax because the personal allowances are frozen. The tax due cannot be deducted at source so they will be shocked when they receive an assessment sometime after the 6th April asking them to pay the tax they owe on their SP.

Also the rise in SP will mean that pensioners pension credit will reduce, this has a knock on effect to other benefits pensioners can claim.

In other words give with one hand and take back with the other.

I am no expert in such matters but isn't it the case that the State Pension will still be below is the Income Tax Allowance - and that only those with a supplementary income will therefore be affected (and that they are probably paying Income Tax on that additional income as things stand)?
Happy to be put right by those who know more about such things.

[ninian opinian]

Re: The triple lock.

I am no expert in such matters but isn't it the case that the State Pension will still be below is the Income Tax Allowance - and that only those with a supplementary income will therefore be affected (and that they are probably paying Income Tax on that additional income as things stand)?
Happy to be put right by those who know more about such things.

Yes SP may be below the basic personal allowance but those pensioners who have a small occupational pension will be dragged into paying tax. However, their occupational pensions are so small that the tax due cannot be collected via PAYE also they will receive assessments after the end of the tax year.

Between 2022-23 and 2023-24, HMRC figures suggest that the number of those aged 65 and over who pay income tax rose from 7.73m to 8.5m, due to the 10.1% increase in the state pension in April 2023.

There are articles in this, one here https://www.theguardian.com/money/20...-blue-tax-bill

[Heathblue]

Re: The triple lock.

I am no expert in such matters but isn't it the case that the State Pension will still be below is the Income Tax Allowance - and that only those with a supplementary income will therefore be affected (and that they are probably paying Income Tax on that additional income as things stand)?
Happy to be put right by those who know more about such things.

Not sure why, but in recent years I now call it a state pension and not an old age pension.

[Eric Cartman]

Re: The triple lock.

The UK state pension is a 3rd of Spain, Belgium, France, and smaller than most western countries. I'll gladly take the 8%.

They either contribute far more (Spain) or things are way more nuanced than that (Belgium). These headline stats around the state pension annoy me, how do people actually think these countries are affording to pay 3x more in pension without bigger contributions?!?

Our system is designed to be a pretty shit flat rate for everyone, that is why NI drops off a cliff for high earners and you barely have to contribute to earn your stamp. Comparing it to systems where higher earners are paying in thousands per month is just bad analysis.

[Gofer Blue]

Re: The triple lock.

Yes SP may be below the basic personal allowance but those pensioners who have a small occupational pension will be dragged into paying tax. However, their occupational pensions are so small that the tax due cannot be collected via PAYE also they will receive assessments after the end of the tax year.

Between 2022-23 and 2023-24, HMRC figures suggest that the number of those aged 65 and over who pay income tax rose from 7.73m to 8.5m, due to the 10.1% increase in the state pension in April 2023.

There are articles in this, one here https://www.theguardian.com/money/20...-blue-tax-bill

I am one of these. However I will gladly accept the 8.5% rise, although I am acutely conscious that it is the current working population who effectively are paying me via their tax/NI contributions and not H.M. Government per se. (A fact which many people on benefits in general sometimes fail to recognise!).