Quote:
Originally Posted by Jaymoss
So I reiterate how is any of that the fault of those who are fortunate enough to have paid into pensions worked their whole life and are comfortable in retirement? Yeah it is likely the last group to be that fortunate. I just think a lot of people approaching pension age now are just jealous they wont be as comfortable as those older.
My Dad worked hard all his life. Did not have a great deal for most his life. I certainly do not begrudge him his comfortable twilight years
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The people that paid into private pensions or are part of final salary schemes aren't in danger from the removal of the triple lock. Although the government did put the final salary schemes at risk because they screwed up the budget.
I am only talking about the state pension which no one ever pays into. You do have to qualify for it via NI contribution years but pensions come out of general taxation. So the government is free to cut/increase the amount as it sees fit or change the years.
The triple lock wasn't because people had saved more than they thought so the government was able to increase their pensions. It was a political decision. The Government giveth and the Government taketh away.
I suspect they won't cut it anyway but instead raise the pension age for anyone under 50, not increase benefits for anyone on disability or job seeker's allowance and increase the age you have to be to qualify for some benefits. That's usually the way.
I am not planning for a state pension when I retire, I very much expect to get screwed by the state.