Agree that any changes are unlikely to include means testing of 13+ million pensioners each year. Even if means testing was limited to when you first hit pension age, that's around 700,000+ that would have to be done every year, adding massive administrative burden.
Possibility of means testing UK state pension in the future?
- Thread starter joe sod
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I reckon they will just keep pushing up the national pension age. They have already covered a lot of ground on this over the last few decades. The state pension age for women has increased from 60 to the 67 now being phased in and from 65 for men to 67 now being phased in.
The new UK national pension has increased in real teams since being introduced in 2016 so it is probably time to get rid of the 2.5% component of the triple lock to help maintain sustainability.
The other two components will ensure the real value of the pension when compared to what working people experience.
Over time, people will understand that their national pension age will be later and make preparations if they plan to retire at an earlier age.
The new UK national pension has increased in real teams since being introduced in 2016 so it is probably time to get rid of the 2.5% component of the triple lock to help maintain sustainability.
The other two components will ensure the real value of the pension when compared to what working people experience.
Over time, people will understand that their national pension age will be later and make preparations if they plan to retire at an earlier age.
State pension age is already 68 for people born after 1977.
Yes, but not the popular ones such EU countries - Spain, Portugal, etc - so the fallout is quite limited for now
If the pension increases were removed for EU countries, there would be quite an uproar but the political fallout might be quite small, as most of those affected would'nt have a vote
But then that also removes some of the attraction of moving abroad at retirement, more retirees staying in UK increases the burden on nhs. Would the nhs really want the increased burden of looking after all those retiress who now the spanish health service is looking after. Im more talking about the physical burden of more doctors and nurses rather tgan the financial burden?
Allpartied
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Total cost of the UK State pension, currently, sits below 9% of GDP. Its way lower than all the other G7 countries. They have a lot of leeway. And it is , predominantly, right wing economists who keep predicting disaster, because they hate, even very modest ,redistribution of wealth.
I heard interview with john healy new chancellor of exchequer in UK, the discussion was about balancing books in UK and cutting borrowing due to the high interest rates. The interviewer suggested removing the triple lock from state pensions where pension automatically rises with inflation, he basically dodged the question. However it shows that some sort of cut to pensions is probably on the cards in next decade or so. Removing triple lock on state pension for those not residing in UK could be what could come in though possibly .
That's already the case for residents in most countries outside of the EU, they don't have UK state pensions that increase in line with inflation.
Frozen state pension - Wikipedia
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BBC R4 The Today Debate dealt with the pension triple lock issue this evening. But I don't see it available from the programme's home page yet.
Andy Burnham has announced the existing triple lock will be scrapped from 2030. It will still rise annually in line with:
- inflation (CPI)
- or 2.5%
But will no longer rise in line with annual wage increases, and instead be reflected over time.
www.bbc.com
- inflation (CPI)
- or 2.5%
But will no longer rise in line with annual wage increases, and instead be reflected over time.
What is the triple lock and why are people talking about it?
The triple lock guarantees that the state pension is not overtaken by inflation or wage increases.
www.bbc.com
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