Is the Chancellor going after the Triple Lock Pension Guarantee?

I read with some growing alarm that the Government and especially the Chancellor are discussing cancelling the Triple Lock Guarantee for Pensioners. This would be disastrous for the Conservatives if they did for many reasons.

Chancellor Visits Wolverhampton To Mark One Year Of The Plan For Jobs Scheme
The Chancellor

First of all what is the triple lock?

At present, the state pension increases each year in line with the rising cost of living seen in the Consumer Prices Index (CPI) measure of inflation, increasing average wages, or 2.5%, whichever is highest. This is known as the triple lock, and it is a Conservative manifesto pledge for the five years of this Parliament. Official forecasts suggest that average earnings will be the highest of these three, by a considerable margin. Men and women are entitled to the state pension from the age of 66 but that age when payments start is rising is due to rise to 67 before 2028 and will rise to 68 within 20 years of that.

It will get to the point that you will just work till you drop as the Government and that is any Government of the day will restrict further and further the dates you reach your pension. Pity they are not so swift of foot when it comes to those who are MPs or Civil Servant . They seem to have gold plated ones much to the disgust of the nation.

The Government for instance has decided that the Armed Forces can no longer access their pensions on leaving as they once could. Leaving service personnel will be eligible for the lumpsum but not the pension until they reach the age of 67. The reason for this is that 1/3rd of former military will not meet that age and die before then and the Government will save a fortune in costs. Doesn’t seem far to me at all.

Anyway, the Chancellor has decided that the triple lock is up for grabs due to the Covid. His reason behind it is because he feels that having to pay any tax increase is unfair on the young and that they should not be paying for care for the elderly. He states that the elderly are more than likely to be the ones to use the NHS.

Has the Chancellor never thought that these same people were young once and more than likely like the young of today did not use the NHS as much? Does he not think that we paid for the generation before us? Does he not realise that this pensionable people he is discussing have paid through their taxes? 40 years Mr Points of Sue has worked. He has never been out of work and he retired due to careful planning, and he still pays taxes on the private pension he receives. I took a break of 14 years to bring up the children and then back to work I went. Again, careful planning with Mr Points of Sue meant that we have always had an income and always provided for our own without any need for the state to pay us. So how galling to now say that people who have been like us will lose out, just because they feel sorry for the young! Pity they did not feel sorry for the young when we were younger with 15% interest rates and never in a million years did I think that this dreadful idea would come from a Conservative Chancellor.

One has to ask if you are going to mollycoddle the young with regards to taxes, then who is going to pay for their needs when they are older? Certainly not the young as they will quite be in their right to say “well I am not paying for their health”, so you will have generation after generation who will be working till they drop and being forced to pay their own way till the end of their lives, as this is all that is waiting for you.

It is a case of the Government bringing in the back door of making us pay more for the help we need when old. We already have to sell our homes when going into care and when you move into some council care homes they have your pension and give you an allowance. How much more is the Government determined to take?

The comments below are from the Daily Express.

PApat.fletcher31 MIN AGO Fairness to the young? I paid 15% deposit for my first house and 15.75% interest on the borrowing. How is that fair?

3downnotout Only move which will ensure no Pensioner votes will be coming Conservative way. The young need help, really? The young seem to think they are entitled to do, say just whatever they want as an over-indulged group. Try putting vacancies right in the face of young and insist they take a job or write explain why it is not suitable for them. There may be very good reasons. Those who do not work have no entitlement to decline a job nor more help from Government.

1Jo Hands Off. We didn’t all get massive payouts when we retired. If you need money I suggest all MP’s, take a pay cut & pay freeze over the next 20yrs. You have no idea how difficult it is for ordinary pensioners you all live on a totally different planet.

Zippet If this is what is meant by “levelling up” then it’s just what we have come to expect from governments. Pensioners are always the people to clobber when funds get tight. Not so tight that politicians don’t get their pay rise way above inflation. The whole of public sector pay and government funding is totally out of balance. So Rishi if you’r going to play with figures start right at the top and cut there first. gradually reducing amounts on your way down your list. You will just be adding a great deal more hardship on millions of pensioners already struggling with the now 25% extra living costs they are facing this coming year. For anyone thinking that its not going to be 25% just get your calculator out and look at all your ever increasing bills already this tax year.

Swifty – This Government had better watch out, if it loses the Grey vote (which it will ) they really are in trouble. I have never known a time when MPs are so despised, they cannot even control our borders and the billions that are being spent on these scroungers would go a long way to foot this bill. We are one of the poorest paid pensioners in Europe, Sunak must be removed he seems to have big ideas above his station, but he would not know how we live, he is a billionaire.

Ottomal in response to someone calling Pensioners greedy…. Before you go spouting off about greedy pensioners, savings and private pension schemes you really need to look at the majority of pensioners in the UK. These “greedy” people worked hard during the recovery after WW2. Wages were low and many were out of work during the strikes for pay increases and better working environments all of which the youth of today take for granted with minimum wages and equal rites etc. These “entitled” pensioners just about had enough money to pay for rent and put food on the table. They still paid Tax be it income or VAT and made NI contributions. Now they have a right to be considered and looked after in their senior years. The triple lock was put in place to ensure these “greedy” “entitled” people can still pay their rent and enjoy a balanced diet. The 8% will give the needy pensioners about £12 per week increase. This increase has already been swallowed up by the increase in the cost of living. The pensioners who may have secured a secondary pension through a company plan may be better off but odds on they pay Tax on some of that extra income. The extra burden to the youngsters would be about £400 per year for someone earning up to but below the threshold at which the higher rate NI is payable. For most the burden Would be less than £200 per year, all of which they will recoup when they become a “Greedy” pensioner.

If the above comments don’t get you thinking about how badly the pensioners are treated then read the one below as it shows you how much pensioners received nothing during the pandemic:

Truelyblue – Not one penny extra have pensioners received during the pandemic, no help with extra heating costs whilst being in lockdown, no vouchers for food, no footballers campaigning on their behalf as they have for children’s free school meals even during school holidays, no free lap tops, no £20 extra per week with Universal credit, any pensioners who had the foresight to save relied on the interest on those savings as extra income have seen interest rates fall as low as 0.2%. What they did receive was demand letters from the BBC for £158 licence fee with threats of bailiffs knocking on the door. If the Tories renege on this it will be the biggest let down to our pensioners, bigger than the May debacle.

By the way….don’t forget this … MP’s salary increases since 2013:

2013 = £658

2014 = £664

2015 = £6,940

2016 = £962

2017 = £1049

2018 = £1368

2019 = £2089

2020 = £2464

At no point in the process of these self appointed salary increases were the concerns of the young or in fact any ordinary citizen even thought about and they were too busy rummaging through the taxpayer trough with their bloated snouts. (Source Statista) 

So it seems according to YouGov that the older you get there is an increased likelihood of voting Conservative. It seems the Conservative Party has a death wish if it plans to get rid of the Triple Lock. Now I am not there yet and there are at least a dozen years before I do, but even I know that the cost of living is going up and pensioners are finding themselves on a static payment and unlike the young cannot change jobs for a better one, or work harder….they are retired.

If the Chancellor and the Prime Minister think that this is a good idea and actually do away with the Triple Lock then there are going to be millions who will not bother to vote. They will hand the Labour party the victory by just not bothering, and if the young think that this is nothing more than greedy pensioners then think again because if they get rid of this guarantee now, what do you think the chances are that you will actually get a pension when you reach pensionable age?

To go ahead with this will be nothing more than theft from one of the most vulnerable groups in our society. It is wrong, it is immoral and it is nasty and is that what the Conservative party have become now? The nasty party who steals from the elderly!!!

Just try it and Boris and there will be no Conservative Party to hand over to your successor as they will be lucky to scrap together a dozen MPs by the time this electorate has finished with them as every time we read of corrupt MPs who award their families the “managers” job on expenses, who have outrageous expenses claims, who flip houses left, right and centre to take it as near to the edge of how much they can get. The expensive trips and the jobs for the boys they walk into when leaving. Then there is the bloated House of Lords where it is more of a gravy train and the gold plated pensions they have from both the Commons and The Lords……and these people dare to even think about taking the pensioners meagre monies.

They think the mass protesting last year was a policing nightmare….just wait till they try and rob from the pensioners. This whole idea just sits uneasy with me and the Conservative Party is now turning into the nasty party, and they are doing it because we have no decent opposition and they are doing what they want, when they want and if you want it to stop…contact your local MP and tell them to vote against it and remind them that they are up for re-election in 3 years and we have long, long memories as I won’t vote for mine if he votes with the Chancellor as it is doing nothing more than stealing from the poor and I have better morals than that. What a pity our political elite seem to have so little…….

Published by pointsofsue

A place where my points of view are for all to read. Email all enquiries to: pointsofsue@gmail.com

One thought on “Is the Chancellor going after the Triple Lock Pension Guarantee?

  1. Fair enough, the financial cost of an aging population is already incredible. Also the young have put their lives on hold to protect the elderly throughout the pandemic and unfortunately we are now at a stage where home ownership is all but a myth for us. The triple lock is a static policy which isn’t appropriate for a changing world. The young don’t need even more obstacles in a world that is already not working for them

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