- This topic has 19 replies, 6 voices, and was last updated 3 years, 6 months ago by
.
- Topic
- Replies
Apparently, it’s written into statute that certain benefits (inc PIP) have to rise with inflation. As for other benefits it’s anybodies guess. On the basis that the ‘work should always pay’ argument is a very strong one, it would seem fairer that most benefits should rise in line with average earnings, rather than inflation. However, with everything being up in the air at present and policies chopping and changing by the day, even if I was a betting man I wouldn’t put a bet on either outcome!
Thanks for the input I never new that about pip, so I assume (given it’s written into statute), with out a change in the law, pip will rise with inflation?
I wouldn’t bet against a change in the law being one of Mr Hunt’s “difficult decisions”?
If I seem a little strange, that's because I am.
Skoda Karoq SEL.
Given the problems the Government has at the moment, I don’t think they would get a budget approved if benefits don’t increase with inflation.
I agree @Jojoe
As I see it, if any bebifits are affected it will be legacy bebifits ESA etc and UC. Not PIP/DLA and possibly not attendance allowance.
As Jojoe said the problems the Truss government is having and the alrady U-turns on the mini budget, I neither can see why benifits would not increase with inflation. It’s also worth remembering that so many Tory MP’s were agaisn’t it from the start. The mini budget alone caused friction with the IMF and leaders around the world, including the BoE.
So for now it looks like they are commited to the pensions triple lock.
So for now it looks like they are commited to the pensions triple lock. https://www.msn.com/en-gb/news/uknews/uk-pm-truss-agreed-pension-commitment-with-finance-minister-spokesman/ar-AA138JCF?ocid=msedgntp&cvid=8937655faa8247358327964fddbe780c
Yep. That’s a massive cost to the tax payer, but at least we now know. My bet is now that disability related benefits (PIP / DLA) will also go up by inflation, but other benefits will go up by average earnings.
Yep. That’s a massive cost to the tax payer, but at least we now know. My bet is now that disability related benefits (PIP / DLA) will also go up by inflation, but other benefits will go up by average earnings.
Yup, looks that way doesn’t it.
braverman out; schapps in… whats the world coming to.
Current Car: Hyundai Kona Premium EV...2 way 40kg hoist
Last Car: Toyota C-HR Excel Hybrid...4 way 80kg hoistSo for now it looks like they are commited to the pensions triple lock. https://www.msn.com/en-gb/news/uknews/uk-pm-truss-agreed-pension-commitment-with-finance-minister-spokesman/ar-AA138JCF?ocid=msedgntp&cvid=8937655faa8247358327964fddbe780c
I am just waiting for the sting in the tail after Truss/Hunt have in effect agreed to put up the state pension by inflation via the triple-lock.
I hope I am wrong, but it wouldn’t surprise me if the financial statement on 31st October, they don’t put up the age for claiming the state pension by another year or two.
It doesn’t affect those already in receipt of the state pension (the so called ‘grey voter’) but would save many millions of UK Pounds by basically depriving younger people a year or two of state pension!
@BigDave I have no doubt that the state pension age will rise in the future, but personally I can’t see any announcements about that happening on 31st October. Previous and currently planned increases to the state pension age have always had around 10 years advance notice and I’m sure that they will continue to adopt that approach, especially as one of the last changes, announced in 2018, doesn’t come into effect until 2028.
There is already a stated aim to raise the age that people can draw from private pensions, so that it is 10 years below that persons state pension age. I retired at 54, was able to start drawing from a private pension from 55 but won’t get my state pension until 67. In future, I wouldn’t have been able to touch any private pensions until 57 (58 for those whose state retirement date is now 68).
There would therefore be no immediate benefit to our current dire financial situation by announcing further changes now, but it would be a vote loser that, given their polling position, they will be keen to avoid. No point in losing even more votes over something that gives no benefit for 10 years.
I have told my children (both in their 20’s) to assume that by the time they retire the state pension age will probably be 70 and to save as hard as they can in pension schemes (which they are both doing) so that their state pension will only represent a small proportion of their retirement income, in order that they don’t have to work until state pension age. That approach worked for me, but you have to have planned for that right from the start of your working life. Sadly, most people leave it far too late and are therefore reliant on the state pension which, as you say, will get further and further away.
I have told my children (both in their 20’s) to assume that by the time they retire the state pension age will probably be 70
Having worked the majority of my working life as an industrial and high voltage electrical engineer, I fail to see at the age of 66/67 let alone 70, I would be in a fit state to be humping SWA cables 6 inch and over around. The same applies to brickies and other heavy trades. Its a different ball game for those that sit behind a desk all day and who in their right mind would want to. The knock on effectis the shortage of skills, not letting the younger generation in.
I was taken ill at 49 and have been on long term sick every since. My body is knackered preventing me going back. I’m 5 years below ny pension goals, my saving grace is I saved in a company and private pension from a young age and therefore agree the importance of saving from a young age, sadly not all realise this
Sorry to hear that @kezo but, as you say, it’s good that you had the foresight to plan ahead. It’s amazing how many people don’t do that and think that a state pension alone will give them a decent quality of life in retirement.
It’s very true what you say about those in heavy manual jobs, but it’s also the case that with all jobs it becomes harder as you get older. I didn’t have a manual job, but I had a lot of responsibilities, both financial and for very large numbers of employees. Huge accountability and pressure that comes with that and I know that it would have become a lot harder had I worked into my 60’s, along with the obvious risk of a heart attack etc. That’s why I’ve got my kids to understand that whilst it’s impossible at their age to know what they will be doing in 30 years time, or how they will feel about it at the time, the one thing that they will want is the ability to make a choice. Relying on state pension as the first opportunity to be able to retire gives you no choice.
I am just waiting for the sting in the tail after Truss/Hunt have in effect agreed to put up the state pension by inflation via the triple-lock.
TBH BigDave, I wouldn’t put nothing past the current government. Hunt’s past track record doesn’t bestow much confidence either.
well if they had any morals they would have resigned en mass. that joke at voting yesterday was a huge embarrassment to the country. we are run by muppets who couldnt hold down a job at starbucks.
Current Car: Hyundai Kona Premium EV...2 way 40kg hoist
Last Car: Toyota C-HR Excel Hybrid...4 way 80kg hoistI didn’t have a manual job, but I had a lot of responsibilities, both financial and for very large numbers of employees. Huge accountability and pressure that comes with that and I know that it would have become a lot harder had I worked into my 60’s, along with the obvious risk of a heart attack etc.
Fully understand Glos Guy the pressures of your role first hand from the pressures my brother went through in a similar role to yours. My reference to desk job was more akin to a customer service advisor.
I was self employed but it was very physical work. I gave it up to look after wife, but the damage to my body was already done sadly. A few illnesses have just triple locked me lol
Current Car: Hyundai Kona Premium EV...2 way 40kg hoist
Last Car: Toyota C-HR Excel Hybrid...4 way 80kg hoistI was self employed but it was very physical work. I gave it up to look after wife, but the damage to my body was already done sadly. A few illnesses have just triple locked me lol
I was a foreman before becoming self employed and fully understand you have become tripple locked, or as I prefer to put it “ready for the knackers yard” 🙂
- You must be logged in to reply to this topic.