Starmer's vision quest

[TailWindHome]

Ermm, so the miserly amount doesn't become more miserly due to inflation.
The 'triple lock'

The triple lock ensures that the State Pension doesn't lose value over time, and in practical terms, guarantees that every year it will rise by the highest of average earnings, inflation (measured by the Consumer Prices Index) or 2.5%.

You've made a good case for increasing it but not for locking it.

 

[CXRAndy]

Labour trying to get control over private pensions-this must be stopped

 

[TailWindHome]

Don't see any good argument for the Chancellor not just setting out any increase in the budget as per min wage and persobal allowance

 

[TailWindHome]

For virtually everyone receiving the New State Pension Labour have changed it so they only get 80% of the "lock". Labour now taking back 20%.

?

 

[Mr Celine]

It did occur to me that one factor in so many things being outsourced by 'government' is the platinum plated public sector pensions. Having those functions done in-house means employing more civil servants and we, the tax payer, are then saddled with an open ended liability in respect of their pension benefits.
Stop those pensions to future accrual, and to new entrants, and running more in-house would become more affordable.

Has it also occurred to you that not all public sector pensions are unfunded?

 

[Shortfall]

Nobody seems to have raised the subject of the Guardian exposé on Starmer and him being fully aware that Mandelson had failed vetting for the role of US Ambassador but he still went ahead and appointed him. We all knew this anyway but the Guardian has got the receipts. This is massive. Starmer lied to parliament and the British public and surely HAS to go.

https://www.theguardian.com/politic...vetting-but-foreign-office-overruled-decision

 

[Shortfall]

Apoogies. After refreshing my browser I see it's in the Mandy thread.

 

[Psamathe]

You've made a good case for increasing it but not for locking it.

It’s not locked, it's linked now in effect to below inflation or wage growth.

 

[Ian H]

It's due to people living longer. Some even staying healthy longer. What was the average life expectancy when the state pension was originally introduced?
Let's go for the 1948 version.

1948 (Age 65): A 65-year-old could expect another 13.5 years of life.

Yeah but, nearly half the population didn't live to 65.

 

[BoldonLad]

Yeah but, nearly half the population didn't live to 65.

well, those killed in WW2 certainly didn't, but, of course, they neither paid in nor received pension. 😊

State Pension is a Ponzi scheme, there is a common miss-conception that "we" contribute to "our" Pension, but, this is not so, it is not a contributory model and there is no "personal pot".

 

[Dorset Boy]

Has it also occurred to you that not all public sector pensions are unfunded?

And plenty are either unfunded or not fully funded.
There are no salary related pension schemes open to future accrual in the private sector as they are an open ended liability on the employer / scheme. They had their day 25 years ago.
Level the field and put all public sector employees on money purchase schemes which fixes the cost which doesn't follow the emploer when the employee retires

 

[All uphill]

I think successive governments have got pension policy about right; delay pension age, as we live longer and then ensure the pension is adequate.

I'd agree that public sector pensions should be defined contributions not defined benefits, which probably makes me a hypocrite as I took a public sector job late in my career, and transferred in the cash transfer value of my private sector pension. Best financial decision I ever made.

 

[Pblakeney]

well, those killed in WW2 certainly didn't, but, of course, they neither paid in nor received pension. 😊

State Pension is a Ponzi scheme, there is a common miss-conception that "we" contribute to "our" Pension, but, this is not so, it is not a contributory model and there is no "personal pot".

Not entirely true.
There may not be a "personal pot" but I did have to make a voluntary contribution after living abroad in order to receive the full pension.

 

[bobzmyunkle]

Yeah but, nearly half the population didn't live to 65.

Good point

 

[Mr Celine]

Level the field and put all public sector employees on money purchase schemes which fixes the cost which doesn't follow the emploer when the employee retires

What, even those in surplus?

All the Scottish local authority schemes are in surplus, the one I'm a member of to the tune of 130%.

Would you be in favour of the wage increases necessary to compensate new public sector employees for the lesser future pension benefits? Do you want to 'level the playing field' for all terms and conditions or just pensions?