‘We used to be working people’: Pensioners defend triple lock after Reeves’ Budget

HEanger flared between Independent Readers after James Moore questioned in his last column whether Rachel Reeves’s Budget unfairly protected pensioners or even “spoiled” them.

The Chancellor doubled pensioners’ triple lock on Wednesday, giving a £575 boost to the state pension.

Many have challenged the idea that older people live on the “Great Rock Candy Mountain”, highlighting that state pensions are among the lowest in Europe and are the sole source of income for millions.

Many readers have shared their long working histories, spells of unemployment, illnesses and caring responsibilities to highlight that today’s retirees were once “working people” too, paying decades of National Insurance in exchange for the promise of security in later life.

Others highlighted inequalities within the system itself, noting that not all retirees benefit from generous vocational programs and that women, in particular, are often excluded from them.

Some have argued that the triple lock is a lifeline, not a luxury, especially given frozen tax thresholds and rising costs of living.

Here’s what you need to say:

I don’t think my pension has increased

I am a 76 year old man. I have worked throughout my adult life, apart from the ages of 18-21 when I studied for a first degree and entry-level professional qualification as a teacher. I worked full time again between the ages of 30 and 33 to improve my professional skills.

My pension has allegedly increased over time with inflation, but I don’t feel like it, and state pension increases are vital for me to stay financially afloat. True, I have my own home and have resorted to all kinds of savings to cut costs, but the truth is that I’m having a hard time getting by anyway. And I’m in better shape than most. Not all Baby Boomers had a good time!

MB

There are different types of retirees

Some people seem completely unaware of what has happened over the years and want to ignore the fact that retirees were once “working people”. When pensioners were working people, they paid National Insurance contributions to support people who were already retired. They did this on the basis that they would be supported when they reached retirement age.

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People also want to forget that there are different types of retirees, those who work in large organizations and those who don’t. In 1978 the government allowed employees in large companies to contract outside some government regulation and put some National Insurance into their already lucrative company pension. Those who did not have this luxury had to adhere to the state order. Until approximately 1989, it was not possible for private individuals to enter into private pension contracts. By then it was too late for some.

There is, of course, a debate about people taking company pensions; I know many people who regard state pensions as nothing more than beer nonsense. If people were allowed to contract, it would have to be completely outside of government regulation.

However, there are millions of people who, due to government mismanagement, are solely dependent on the state pension, paying to support retirees of the past throughout their working lives and qualifying for support in their twilight years.

It should be noted that until 2007, 44 years of NI were required to receive a pension; It was reduced to 30 years and later increased to 35 years. It should also be noted that the government distributes NI loans like petrol vouchers.

The real issue behind the problems is making state pensions more accessible.

sandyf

Not all retirees are rich

Most current retirees are comfortable, mortgage-free and benefit from additional occupational pensions to buffer their income. However, let’s not forget that the only income for many retirees is the state pension. This is particularly the case for many women who have worked for years in low-paid, part-time jobs and have not paid an occupational pension because they cannot afford it or are not allowed to do so.

As a retiree, I also pay taxes on my income and I am happy to do so. The author’s comments here, while they may have some validity, always sound like the comments of a child who feels he is being treated unfairly.

Happy RetiredWoman

He deserves comfort after working life

Why are retirees a special case? Because we have worked all our lives and it is no longer possible for most of us to work to earn more money; maybe because of health problems, maybe just because of the ageism of the job market. But whatever the reason, don’t you think you’re entitled to some free time and comfort when you reach retirement age?

If you are comfortable, it is definitely not because the government is generous, but because you have somehow saved to support your old age. The UK state pension is one of the worst; Envying a small rise is just the politics of envy. But be careful: we’re all getting older (if we’re lucky), and by making things worse for today’s retirees, you’re guaranteeing it will be even worse when you get there.

no comments

Pensioners deserve justice and recognition

I am old. I paid into NI from the age of 16 and increased my pension as much as possible once I got a job. As someone who spent much of my early life broke, I hope my final years will see me slightly better off. I paid (and still pay) a bunch of taxes in between.

My own theory is that people should be retired and earning a decent wage by age fifty, so they can have fun while they’re in their physical prime, and then go into something other than journalism.

Neuendorf

Triple lock compromise

Currently UK state pensions are among the lowest in Europe, but Triple Lock is an unsustainable way to improve this in the long term.

Perhaps there is a compromise built into the law (to make it harder to change in the future) that the Triple Lock will only exist until state pension rates reach the real living wage level. This wage is then fixed at the actual living wage and increases by the same amount.

real living wage It’s the amount calculated by the Living Wage Foundation (rather than what Conservatives have renamed the minimum wage to make it sound like you can get by) and reflects the real cost of living that allows workers to earn enough to meet their basic needs. Retirees need to be able to live on their pensions. Additionally, setting it as the amount people need to meet their basic needs will open up the argument that the minimum wage is not enough to make ends meet, even if they work full time.

Actually

Some of the comments in this article have been edited for brevity and clarity.

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