Triple Lock Pension Promise Betrays Younger Generation

IF Response To Triplelock Pension Promise

 

The Intergenerational Foundation exists to promote the interests of younger and future generations in government policy making.

Please contact Liz Emerson on mobile: 07971 228823 or liz@if.org.uk for further press information or to arrange an interview.

5 thoughts on “Triple Lock Pension Promise Betrays Younger Generation

  1. Jack Coutts

    This is a sincere enquiry. At 62 I am obviously one of the beneficiaries of economic policies and circumstances over my lifetime. My children and grandchildren are and will continue to be victims of these policies although throughout their lives I have done my best to support them in every way I can . How can I assuage the blame I shoulder for the unfair distribution of wealth and opportunity which I am constantly told I bear personal responsibility for ? I don’t doubt any of your research or commentary but increasingly I feel that the message delivered by supporters such as Ben Goldacre is that all people over the age of 55 are no better than war criminals or, even worse, merchant bankers.

    1. liz Post author

      Dear Jack, the best thing you could do is to ask politicians what support they are offering your children and grandchildren. Due to the power of the grey vote little will change unless parents and grandparents demand more on behalf of their younger relatives. On a practical level that might mean supporting new buildings in your local area, demanding that councils re-introduce young people’s bus/train fares which aren’t protected by statute unlike the Freedom Pass.

  2. Rita Gallard

    I fail to understand why an increase of £3.35 in the basic state pension, bringing it to £119.30 per week, should induce such apoplexy.

    1. liz Post author

      Dear Rita

      Thanks for your comment. The issue with the State Pension is the current cost as a proportion of state spending – currently almost half of all state spending goes just to pay the State Pension. Frank Field estimated it to be around £120 billion by 2020. It’s great that people are living longer but the new normal of around 20 years living post-retirement cannot be funded by younger generations alone. Should the wealthy old – those who have e.g. annual pensions of more than the average annual wage of around £25,000/yr to live on and other assets – really take the State Pension as well? Or should they take less so poorer older people can have a little more without going to younger workers? Afterall younger workers are being asked to pay more to take less for longer themselves?

  3. Will Smith

    Since my wife has had delay retirement by 6 years, and our pensions pot bought an annuity at historic low rates, whilst previously paying my mortgage at historic high rates, I think the £100k or so we have lost means we have done and will continue to do our bit.
    Just a thought, increasing inheritance tax on the elderly, will burst the house price bubble, making it easier for the young to buy, increase taxation for the government to spend and re-distribute wealth.

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