Sadiq Khan

[kentonclaret]

Following my post of yesterday I note that several newspapers have front page headlines over the likelihood that the Triple Lock on Pensions will be sacrificed. Pledges that appeared in the Tory Manifesto are worthless following Covid19.

[Tall Paul]

Following my post of yesterday I note that several newspapers have front page headlines over the likelihood that the Triple Lock on Pensions will be sacrificed. Pledges that appeared in the Tory Manifesto are worthless following Covid19.

Not sure the last two words of this post are needed.

[dsr]

Following my post of yesterday I note that several newspapers have front page headlines over the likelihood that the Triple Lock on Pensions will be sacrificed. Pledges that appeared in the Tory Manifesto are worthless following Covid19.

To be fair, the main reason the triple lock will be sacrificed is because it will give a completely unintended result. It's designed to give pensioners the highest of three figures: inflation, wages rises, or 2.5%.

The problem is that average wages are going to drop by (illustrative approximate figures) 20% this year and rise by 20% next year. Ignoring details of how percentages work, for this purpose we can say that average wages next year will be about where they were last year. Which under the triple lock as it was intended to work, would mean pensioners get a rise of 2.5% each year; but because of the statistical quirk, if applied literally would give pensioners a rise of 20% next year. The triple lock was never intended to give pensioners a 20% rise when overall wages are not rising.

[tiger76]

Following my post of yesterday I note that several newspapers have front page headlines over the likelihood that the Triple Lock on Pensions will be sacrificed. Pledges that appeared in the Tory Manifesto are worthless following Covid19.

Risky if true, surely to win a majority the Tories need to retain the grey vote.

[kentonclaret]

"The triple lock was never intended to give pensioners a 20% rise when overall wages are not rising"

Obviously Boris was completely unaware of this when he pledged to retain the triple lock on pensions ("we propose to honour ALL of our pledges contained in the manifesto") when answering a direct question on retaining the triple lock during PMQS last week.

[aggi]

The triple lock (and pensions in general) is a thorn that will need to be grasped sooner or later. For all the noises about people on benefits and whether the country can afford that, pensions absolutely dwarf that figure.

It's obviously difficult to do as impacting pensioners who've worked most of their lives isn't that palatable (and old people vote a lot). Whether this will be the first step towards it, who knows.

I'm not expecting much of a state pension when I retire but at least I own my flat so will have something to fall back on. For the generation after me where property ownership is out of reach for many there are going to be problems.

[Bigbopper]

State pension £800 per month.

Furlough pay £2,500 per month.

Seems the pensioners are getting a raw deal especially as most of them are only getting back part of what they paid in.

PLM

[kentonclaret]

The debate about the cost of maintaing the triple lock on pensions has been going on for some time.

The pledge to maintain it will be seen by many as a means of getting the "grey vote" in the knowledge that it can be withdrawn once in power with a workable majority. According to today's front pages that is under serious consideration.

[evensteadiereddie]

It'll be yet another u-turn but this one is, at least, fair enough and not the result of an earlier moronic decision.

[Bigbopper]

Maybe the Govt should also look at the early retirement and overly generous pensions offered to teachers, the fire and police services etc.

Pensioners Lives Matter.