The Labour Government

Kompany Car said:
I’m not a pensioner, not for at least another 15yrs and I support the triple lock but only until it gets the pension back to comparable levels with other western European countries. Once it’s there or there about it needs to revert to something more in line with wage growth.

Our net replacement rate is currently 7% less than the OECD average, once we hit parity with the average then that to me is when the triple lock should be stopped. The average seems a sensible level to account for the discrepancy in tax. In reality we aren’t that far off.
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Will take much more than the triple lock to get anywhere near comparable country.
Our State Pension is a disgrace, much less than min wage.
 
mosssideblue said:
Will take much more than the triple lock to get anywhere near comparable country.
Our State Pension is a disgrace, much less than min wage.
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It’s pretty difficult to do comparisons as we contribute less than most other European countries per year, but the qualifying period for the full state pension is longer. There are a few reputable reports that are knocking about which seem to conclude that taking into account other means tested benefits where appropriate we are around 7% behind. Obviously it will vary person to person and unfortunately there will always be be anomalies.

Not all state pensions are created equally, France is a good example of a different approach, where you get more money from your state pension if you pay in more. So if you’re on a higher salary you get a better state pension. This obviously affects the average.To me however that approach does seem to have a significant degree of unfairness, particularly if people have less secure employment or are performing essential functions which do not command high salaries.
 
stonerblue said:
No, that a pensioner supports triple lock
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I must have woke up in 2037(late 2037), bloody DeLorean.

Odd I know but you don't have to be a pensioner to be bothered about pensioners, you also don't have to be a pensioner to know our state pensions are poor compared to other countries.

Have yourself a good day now.
 
Kompany Car said:
It’s pretty difficult to do comparisons as we contribute less than most other European countries per year, but the qualifying period for the full state pension is longer. There are a few reputable reports that are knocking about which seem to conclude that taking into account other means tested benefits where appropriate we are around 7% behind. Obviously it will vary person to person and unfortunately there will always be be anomalies.

Not all state pensions are created equally, France is a good example of a different approach, where you get more money from your state pension if you pay in more. So if you’re on a higher salary you get a better state pension. This obviously affects the average.To me however that approach does seem to have a significant degree of unfairness, particularly if people have less secure employment or are performing essential functions which do not command high salaries.
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Unless you're comparing it to other means testing that are in place with other countries that isn't a figure i would even look at. Whether you have a nice private pension or not the principle is how much is the state pension. There are rich and poor people in every country
The fact some see the state pension as something to get by on means governments have done a good job on us.
 
Kompany Car said:
It’s pretty difficult to do comparisons as we contribute less than most other European countries per year, but the qualifying period for the full state pension is longer. There are a few reputable reports that are knocking about which seem to conclude that taking into account other means tested benefits where appropriate we are around 7% behind. Obviously it will vary person to person and unfortunately there will always be be anomalies.

Not all state pensions are created equally, France is a good example of a different approach, where you get more money from your state pension if you pay in more. So if you’re on a higher salary you get a better state pension. This obviously affects the average.To me however that approach does seem to have a significant degree of unfairness, particularly if people have less secure employment or are performing essential functions which do not command high salaries.
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As a starting point, shouldn’t the State Pension always match (or better) minimum wage?
 
mosssideblue said:
As a starting point, shouldn’t the State Pension always match (or better) minimum wage?
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Equivalent to a 37 hr week? Why? We have an aging population, and most pensioners have a private pension.

It's not financially sustainable with our age demographics.

I'd agree with you for people without private pensions, that it should living wage (minus accommodation costs If they already have mortgage free housing).
 
bluethrunthru said:
its not just about Labour that they do this - Sun I think - usual exceptionalism on display framing something done by the EU is done just to harm British interests

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Nick Ferrari just covered this on LBC stating "Brits this Brits that". I'm a fairly regular contributor to LBC. I spoke to the producer first as is always the case. I asked her if it only applied to Brits or non all EU residents. She reluctantly admitted it isn't confined to Brits and read excerpts from the Mail and Telegraph. I asked them that Ferrari confirm this on air and that it wasn't an anti-Brit policy. She refused and cut me off!
 
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Mr Kobayashi said:
Equivalent to a 37 hr week? Why? We have an aging population, and most pensioners have a private pension.

It's not financially sustainable with our age demographics.

I'd agree with you for people without private pensions, that it should living wage (minus accommodation costs If they already have mortgage free housing).
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Why, because whether you contribute to a private pension or not, you still pay the same NI throughout your working life.
 
I'm glad we don't have us style politics in this country. I know it's been magnified by Trump getting in. But the way he has surrounded himself with billionaires at his inauguration and the influence they have is ridiculous. The way the President can pardon people is ludicrous. The executive orders system with no parlimentary accountability is again crazy. No thank you, we may have many faults with our parliamentary system but it's still head and shoulders above the US.
 
mosssideblue said:
As a starting point, shouldn’t the State Pension always match (or better) minimum wage?
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I don't think so. Young people coming out of school or further education are getting minimum wage and if there parents aren't rich that is the only thing to live on and make a start in life. Often from literally nothing. It's a critical point where you want people to engage with a career over a life on the doll. Should be higher.

Pensioners have had there whole life to set themselves up for their old age. Many people don't and they will end up on benefits alongside state pension.
 
mosssideblue said:
As a starting point, shouldn’t the State Pension always match (or better) minimum wage?
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It never will and doesn’t across Europe. You could take the approach of doing away entirely with workplace pensions and instead taking it all as tax but paying a much higher state pension. I’m not sure however if you did the maths it would allow you to pay pensioners the same as the minimum wage.

The problem is there is unfairness any way you look at it. You’re never gonna satisfy all groups. You’ll have some people who say those who have private pensions shouldn’t get anything, but that disincentivises people to save for their old age. Those which say, why should someone working part time and getting a top up from universal credit or on disability get a full pension when they aren’t paying into the system as much.

Ultimately you trade your time for money. That’s why most people save for retirement, so at some point you can get some of that valuable time back that you have spent working. If you remove that link, tax people to the extent that would give a world class NHS and minimum wage level state pension then we all might as well all just do the bare minimum as in the long run you are no better off. Might as well have the time when you are younger which I would argue is much more valuable than when you’re older. Even more so now, seen as owning houses are pretty much out of reach of vast swathes of the younger population.
 
mosssideblue said:
As a starting point, shouldn’t the State Pension always match (or better) minimum wage?
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Bear in mind that the taxpayer pays the State Pension, but employers pay the minimum wage. One of the advantages of pushing up wages, should also be that we can gradually increase the amounts people save in auto-enrolment.

When auto-enrolment was introduced, less than half of private sector employees had private pensions. That rate has now doubled, and is approaching the levels in the public sector, where more than 9 out 10 have pensions.
 
bluenova said:
Bear in mind that the taxpayer pays the State Pension, but employers pay the minimum wage. One of the advantages of pushing up wages, should also be that we can gradually increase the amounts people save in auto-enrolment.

When auto-enrolment was introduced, less than half of private sector employees had private pensions. That rate has now doubled, and is approaching the levels in the public sector, where more than 9 out 10 have pensions.
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Probably needs it's own thread as it isn't party specific
 
It's happening again mother.....
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419. Britain in 1974: Countdown to a Coup (Part 3) - The Rest is History

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Churchlawtonblue said:
I'm glad we don't have us style politics in this country. I know it's been magnified by Trump getting in. But the way he has surrounded himself with billionaires at his inauguration and the influence they have is ridiculous. The way the President can pardon people is ludicrous. The executive orders system with no parlimentary accountability is again crazy. No thank you, we may have many faults with our parliamentary system but it's still head and shoulders above the US.
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Agree. The other lot were also heavily propped up by billionaires and spent more than trump. Policy in the US is bought and paid for
 
mosssideblue said:
Why, because whether you contribute to a private pension or not, you still pay the same NI throughout your working life.
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Because it's not sustainable. Unless people want to pay more. But even then, today's pensioners wouldn't have paid into a system that pays that amount.

The average NI contributions doesn't provide that level of benefit.
 
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