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Pensions ?

Observer II

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TBH Obs , there are other benefits to be tapped into when pension age is reached that will either increase what money you get paid or alternatively reduces your outgoings. The biggest problem that needs to be tackled is the seemingly ever increasing pension age & why bus passes are granted at 60 in NI,Wales & Scotland whereas the English now only get bus passes on reaching the women's retirement age which i think is currently 66.

What needs to be impressed on the young of today is the importance of ensuring their cards are stamped regularly to get enough NI contributions to receive their pensions at the maximum rate.

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5 hours ago, Davy51 said:

The triple lock definitely needs to stay to keep us pensioners up with inflation . Apparently, we could be in for an 8% rise if one news report is to be believed.

The triple lock is 1) Inflation measured later in the year 2) Average wage increases in July of the preceding year and 2.5%, taking whichever is the highest percentage. The wages measure for July was 8.8% using a measure called KAC3 which is average of all wages and includes overtime. The graph shows a massive and unsustainable spike but it is not reflected in inflation. Inflation uses CPI, I think in September. It is probably not appropriate to use such a large increase in KAC3 to set the pension rate for this year. It would be more reasonable to use the change over two years in the figure forย  23/24 and only use CPI and 2.5% this year (21/22 uprating). If the OBR think that the wage increase will stick the I will think again. However the high job vacancies and a shortage of applicants is probably distorting the statistics at the moment.

I don't think the triple lock is to be scrapped just modified this year because of the distortion in the labour market.

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