Triple-lock pension should be scrapped, say MPs

**Damien** · 06-11-2016, 06:40

https://www.theguardian.com/money/20...l-inequalities

I doubt the Government has the guts to do it but it does seem to becoming unsustainable. The all the savings the government tries to make on benefits the state pension system blows it apart when you have to keep increasing it by the highest possible measurement. If inflation hits 4% the bill is going to explode further.

I think the inequality of in tripling tuition fees and scrapping housing benefits for the under 25s whilst introducing the triple-lock was one of the worst aspects of the austerity program.

06-11-2016, 07:07

It might have been possible to justify if the the savings promised during austerity had actually materialized

papa smurf · 06-11-2016, 07:09

Quote:

Originally Posted by Damien

https://www.theguardian.com/money/20...l-inequalities

I doubt the Government has the guts to do it but it does seem to becoming unsustainable. The all the savings the government tries to make on benefits the state pension system blows it apart when you have to keep increasing it by the highest possible measurement. If inflation hits 4% the bill is going to explode further.

I think the inequality of in tripling tuition fees and scrapping housing benefits for the under 25s whilst introducing the triple-lock was one of the worst aspects of the austerity program.

the pension system looks after those who have worked and contributed to our nation -the benefits system is so badly abused its a joke -if inflation hits 4% savers will be better off than borrowers for a change assuming interest rates rise accordingly . i agree with you that picking on the young is wrong just as wrong as turning on the old .

denphone · 06-11-2016, 07:12

Quote:

Originally Posted by Damien

https://www.theguardian.com/money/20...l-inequalities

I doubt the Government has the guts to do it but it does seem to becoming unsustainable. The all the savings the government tries to make on benefits the state pension system blows it apart when you have to keep increasing it by the highest possible measurement. If inflation hits 4% the bill is going to explode further.

I think the inequality of in tripling tuition fees and scrapping housing benefits for the under 25s whilst introducing the triple-lock was one of the worst aspects of the austerity program.

While on one hand pensioners work hard for all of their working lives so deserve to be looked after IMO but whether it can go on beyond 2020 remains open to question as they will certainly do nothing until then.

06-11-2016, 07:18

Quote:

Originally Posted by papa smurf

the pension system looks after those who have worked and contributed to our nation -the benefits system is so badly abused its a joke -if inflation hits 4% savers will be better off than borrowers for a change . i agree with you that picking on the young is wrong just as wrong as turning on the old .

Our state pension system also looks after those that have never worked a day in their life

rhyds · 06-11-2016, 07:51

The state pension system is currently set up to look after a particular group of people:

Those who vote most often...

**Maggy** · 06-11-2016, 08:43

Quote:

Originally Posted by rhyds

The state pension system is currently set up to look after a particular group of people:

Those who vote most often...

Yes but they don't always vote the way the government wants..

nomadking · 06-11-2016, 09:46

If inflation shoots up, then whatever way the pension increase is decided it will go up. Inflation is the minimum measure. It is the other 2 parts that create the "unfair" increases.

**Damien** · 06-11-2016, 10:07

Quote:

Originally Posted by nomadking

If inflation shoots up, then whatever way the pension increase is decided it will go up. Inflation is the minimum measure. It is the other 2 parts that create the "unfair" increases.

It goes up by whichever of the three is highest.

nomadking · 06-11-2016, 10:14

Quote:

Originally Posted by Damien

It goes up by whichever of the three is highest.

But before the triple-lock came along, any increase was connected to inflation. If inflation goes up, the there will be little difference between now and then. It is low inflation that creates what are seen as "unfair" increases. It is the automatic nature of the triple-lock that is the problem. Having adhoc additional increases, where there is evidence of a sustained increase in the economy might be better.

**Damien** · 06-11-2016, 10:19

Quote:

Originally Posted by nomadking

But before the triple-lock came along, any increase was connected to inflation. If inflation goes up, the there will be little difference between now and then. It is low inflation that creates what are seen as "unfair" increases. It is the automatic nature of the triple-lock that is the problem. Having adhoc additional increases, where there is evidence of a sustained increase in the economy might be better.

Yeah. Its just a ballooning cost. I also think there is something unfair about a government telling younger generations they need to pay back the deficit whilst another segment of society gets bigger increases.

Taf · 06-11-2016, 11:07

Many Benefits frozen, some reduced, other (April) increases tied to inflation rates 6 months before (October). In reality many are getting poorer and poorer as the real cost of living of staples is much higher, especially rent, poll tax, utilities and fuel.

The triple lock increase rate seems generous, but it is actually outstripped by actual inflation and not the magical figure that appears in October.

nomadking · 06-11-2016, 11:11

Quote:

Originally Posted by Taf

Many Benefits frozen, some reduced, other (April) increases tied to inflation rates 6 months before (October). In reality many are getting poorer and poorer as the real cost of living of staples is much higher, especially rent, poll tax, utilities and fuel.

The triple lock increase rate seems generous, but it is actually outstripped by actual inflation and not the magical figure that appears in October.

The increases have to be set at one point in time. Whatever that time is, there will be increases in food costs etc ahead of that. Any past increase in inflation still feeds into the increases next time around.

Julian · 06-11-2016, 11:39

Quote:

Originally Posted by rhyds

The state pension system is currently set up to look after a particular group of people:

Those who vote most often...

Maybe pensioners should be told not to vote because younger people can't be arsed to bother voting.

papa smurf · 06-11-2016, 11:42

Quote:

Originally Posted by Julian

Maybe pensioners should be told not to vote because younger people can't be arsed to bother voting.

maybe voting by text might encourage them that way they don't have to leave the sofa