Here’s how to save the triple lock

You can get behind the triple lock by signing this petition

Tom Selby: Time to get serious about state pensions

Commercial workplace pension and SIPP providers do not want to see a strong state pension, they want dependency on private saving. Tom Selby represents AJ Bell and his beef is that the state pension is providing too much to people retiring today

Had the ‘new’ state pension increased in line with inflation or wages since 2011, it would be worth around £180 pw today, rather than £203.85

The Government sets the level of pension credit slightly above the maximum payment from the state pension.

The DWP starts providing means tested support to those in genuine need of support where personal earnings are less than £200 per week. Should we consider the level of destitution lower? Is £180 pw a better measure?

Think about it, 1.4m households are not getting income through the door to meet their basic needs and we want to roll back the triple lock?

Take a step back.

What do you spend a week? How would you feel about a wage in retirement for 35 years of national insurance payments of £203.85 pw.

Tom argues that paying such a high state pension will impoverish younger generations.

Younger generations could ultimately pay the price

Tom is not saying we are paying older people too much pension , he is calling for a debate about whether we can afford to. I am not quite clear where the difference lies.

When I was 30, I didn’t think there’d be a state pension when I got to 65. Tom’s generation are the same. Each generation arrives at retirement thankful that the generation before did not turn off the tap.

But Tom thinks that this government is frivolous in paying the promises made by generations before. He wants change.

A serious government (or would-be government) would commit to undertaking a wider review of the state pension

The review in question (if commercial pension providers had anything to do with it) would undoubtedly question the triple lock. But Tom asks us to take a long-term view. Presumably this is a view  where Britain will be paid by private pots rather than the state.

This would require bravery and a long-term vision but is absolutely essential.

Those who are cowardly and short-termist will undoubtedly want out taxes to pay better pensions.

If you want to side with the wealthy and strengthen the case for more tax-payer’s money being poured into higher rate tax relief for the wealthy, please do not sign the petition.

If , on the other hand, you believe that £200 pw is a poor pension for a lifetime work, please sign the petition and make sure that the triple lock is maintained.

You can get behind the triple lock by signing this petition

About henry tapper

Founder of the Pension PlayPen,, partner of Stella, father of Olly . I am the Pension Plowman
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