Is The New State Pension Affordable?

pdq1 | 10:38 Mon 14th Jan 2013 | News

48 Answers

http://www.bbc.co.uk/news/business-20989050

In just 4 years time in 2017 the state pension will rise from £107.45 to £144 per week. Obviously the boffins who work out these sums must have confidence in the figures. But such a huge jump seems incredible. Does it mean many will fail to qualify and in fact especially those who haven't paid their NI contributions and is this fair?

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baza

and the whitehall mandarins have gold plated pensions.

Svejk

You lot make me laugh.
You don't appear to understand the new scheme. You're all making contradictary statements & yet agreeing with each other?????.
The one thing you all seem to agree on is that every other pensioner should recieve/deserve less money than you get.
Its all rather sad & indicative of why our society is in such a sorry state.

janbee

£144 isn't that much really is it?... and by April 2017, it'll be peanuts.

Svejk

Janbee, I believe its index linked (or similar) so it will be a bit more when it comes in.
You are still right though,its not a fortune. Although,sadly, some around here begrudge them getting so much.

New Judge

"...they make a big show out of your old age pension being tax free."

Indeed they do and it is one of the ways they fool gullible people. The State pension is only tax free if one pays no tax (in the same way that your salary would be tax free if you earned below the personal allowance). The State pension forms part of your taxable income and if you pay tax on other income you will pay 20% (or 40%-45%) of it back to the people who gave it to you.

pdq1

Question Author

Also NJ thanks to the Liberals the allowance for those who work is going up to £10,000 per year before they are expected to pay tax. In the past pensioners had a higher rate so they didn't pay tax on their additional small savings but this is all changing and they'll be helping to fund this.

Old_Geezer

I'd rather, for example, be entitled to pension of £110 and pay £44 in tax than to receive £66 and pay no tax. Sure it's more costly for the country to give with one hand and take with the other, but at least I'd feel I'd contributed and was therefore entitled to a voice.