Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

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trevnhil
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by trevnhil » Thu Oct 27, 2022 9:07 am

No, you are not on your own with concerns about the promised Triple Lock rise in pensions.
In recent weeks it was confirmed that pensioners would get around a 10% rise.
But now when politicians are asked to confirm it, they can't. And they go on to say nothing can be ruled out.. So it is just wait and see what is wheeled out in the middle of November.
This was a statement from the PM yesterday 26/10/22
"Pensions could be target of Rishi Sunak's cuts as No10 refuses to commit to keeping the 'triple lock"
Trev..

baxi
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by baxi » Thu Oct 27, 2022 12:14 pm

does anybody remember the rise MPs paid themselves , never mind the expenses & platinum cards ?

Life Is Good
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Life Is Good » Thu Oct 27, 2022 12:35 pm

I get my State Pension in three years so I’m watching the situation with interest.
The consensus on GB news this morning is that a 10% increase is highly unlikely across the board and there maybe some means testing to offer support to those most in need. Personally I think the triple lock will be scrapped, it’s a very expensive commitment that’s hard to justify going forward, especially given the current economic climate.
I wonder how long it will be before someone suggests not upgrading pensions for those living outside the U.K. ?

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Dominic
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Dominic » Thu Oct 27, 2022 2:59 pm

That would cause an influx of pensioners to the Uk, I would imagine.
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trevnhil
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by trevnhil » Thu Oct 27, 2022 4:42 pm

Re.. 'I wonder how long it will be before someone suggests not upgrading pensions for those living outside the U.K. ?'
The UK pension received in Australia has been frozen for many years
Trev..

Life Is Good
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Life Is Good » Thu Oct 27, 2022 5:11 pm

trevnhil wrote:
Thu Oct 27, 2022 4:42 pm
Re.. 'I wonder how long it will be before someone suggests not upgrading pensions for those living outside the U.K. ?'
The UK pension received in Australia has been frozen for many years
That is true Trev, in fact the U.K. State Pension is Frozen in most countries, the obvious exceptions were those countries within the EU.
Now, post Brexit and the dire economic situation we find ourselves in I wonder if the pension updating will become a victim of Brexit?
It would be a popular move within the U.K. but I’m not sure how much it would actually save financially

Sheer Khan
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Sheer Khan » Sat Oct 29, 2022 8:10 am

If and it’s a big if they keep the triple lock and the amount is 10.1% is actually going to be 8% in real income because 20% of it will go straight back in income tax.

Les Bean
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Les Bean » Sat Oct 29, 2022 8:22 am

The pension increase isn't linked to whether the applicable countries are in the eu. It was payable in those countries, including here, before the uk joined the eu

trevnhil
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by trevnhil » Sat Oct 29, 2022 8:26 am

Sheer Khan wrote:
Sat Oct 29, 2022 8:10 am
If and it’s a big if they keep the triple lock and the amount is 10.1% is actually going to be 8% in real income because 20% of it will go straight back in income tax.
This is only true of the relatively small number of pensioners who actually pay any income tax at all
Trev..

Sheer Khan
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Sheer Khan » Sat Oct 29, 2022 8:32 am

Trev I saw an article that stated if pensioners get 10.1% over 500,000 more of them will be paying income tax

trevnhil
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by trevnhil » Sat Oct 29, 2022 9:21 am

Indeed some of those who are just below the tax threshold would be lifted into paying taxes. But it is only the income above the limit that is taxed so they would still have a good 'wage rise'
Trev..

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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Kili01 » Fri Nov 18, 2022 1:51 pm

No they didn't! Well, our patience was rewarded! Since Jeremy Hunt took a compassionate stance on his treatment of State pensioners! Doomsayers were wrong this time. 10.1% increase. Which is great.
But British pensioners have been amongst the worst treated in nearly all European countries, coming near the bottom for the financial amount received.
Grear news that the triple lock was kept. But from what I read, the only pensioners who are likely to get a huge increase are the ones who joined in 2016. Thus many of us 'oldies' as far as I understand will only get it pro rata on our present pensions. Still any increase will be very welcome!

Dee

trevnhil
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by trevnhil » Fri Nov 18, 2022 5:13 pm

I too am glad that pensioners will receive a 10.1% increase. But it puzzles me why there are two grades of pensioners. The newer ones (after 2016) get more than the older ones, it people who were pensioners before 2016
Trev..

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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Uncle D » Sat Nov 19, 2022 7:06 am

Kili01 wrote:
Fri Nov 18, 2022 1:51 pm
But British pensioners have been amongst the worst treated in nearly all European countries, coming near the bottom for the financial amount received.
Another good reason for brexit, now the UK government will not be pressured into coming into line with France and Germany etc.
Not forgetting the increase of pension ages for women from 60 to now 66 and men 65 to 66 and 67 etc
My wife and many others born in the mid 1950s will have lost up to 46,800 in state pension after the changes were made and me 7,800.
David

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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Poppy » Sat Nov 19, 2022 11:50 am

trevnhil wrote:
Fri Nov 18, 2022 5:13 pm
I too am glad that pensioners will receive a 10.1% increase. But it puzzles me why there are two grades of pensioners. The newer ones (after 2016) get more than the older ones, it people who were pensioners before 2016
But at least we got our pensions at 60 and 65 respectively Trev so many women have lost out 7k- 8k per year for all the years they have had to wait so it will take a good few years for them to catch up. Personally I am quite happy with my pension and very grateful for the 10.1% increase from April - better for you in Cyprus as I don't believe your inflation is running quite so high. We have had so many handouts in the UK that I have never experienced in my lifetime and still people are not happy - I am receiving £66 per month for 6 months towards my energy costs and my bills are not that bad really - my last monthly bill was £120 and that was with heating on for the whole month and so I only actually paid £54. I am £280 in credit and due £500 this month for the winter fuel allowance so am quids in! Fuel costs may go up again next year but they may not but we have also been promised a futher £300 and £150 if on a disability benefit which we are - we both got £150 in September yet people are still moaning as our friends in Oz always say whinging Pommes!!!

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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Firefly » Sat Nov 19, 2022 12:50 pm

I lost quite a few years of my state pension because I cared for my children before school age.

This was before your pension could be credited by the state for childcare of children under school age.

That said, I'm not complaining, Boris has been good to us, love him or hate him.
It's not the size of the dog in the fight, it's the size of the fight in the dog.

Kili01
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Re: Old Topics Revisited: UK Government scraps pension triple lock for 2022/23

Post by Kili01 » Sun Nov 27, 2022 1:59 pm

I feel that having had viirtually the lowest pension in Europe for years, this years decision to give pensioners a decent pension increase was fully justified. Especially as only pensioners who qualified for them in or after 2016 will get a full one.
Someone said that due to Brexit the UK Govt wouldn’t be pressured by France & Germany to increase UK pensions..
more poppycock! In or out if the EU, individual countries make their own decisions about their pensions..
Sometimes a lot of rubbish is talked about in the UK about both the supposed benefits of Brexit and of the big ogre the EU!
The UK Govt is still trying to sort out the mess created since Brexit.

Dee

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