You can get behind the triple lock by signing this petition
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.
With #PensionCredit you could get additional financial help, plus other support including a free TV licence
— Department for Work and Pensions (@DWPgovuk) November 9, 2023
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.