Time to say good byey

LOL, Labour attacking the grey vote, the one demographic who are guaranteed to vote. Honestly, it's like Turkeys voting for Christmas. 

The unseen problem for LieBore is that public sector pensions are also subject to the triple lock. And the public sector, and their unions, are major Liebore supporters (well, not me obviously but my odious union certainly is).

So I predict this won't happen because if it does, Liebore will be taking a massive shit on their own doorstep.

That said, they're certainly stupid enough.

I thought the triple lock pension was linked to inflation . So if inflation is low then the increase reflects that .
Anyway a reduced pension affects those pensioners without a private pension more than ones with a private pension .
So our resident doofus is happy that poor pensioners will be a bit poorer .
Makes sense .

The State Pension was always designed to give pensioners a reasonable or comfortable standard of living, protecting them from poverty in old age.

There are many thousands of very well off pensioners who have generous private pensions, assets and many with substantial savings and other incomes.

Personaly I object to guaranteeing a pension rises in line with inflation for wealthy or rich pensioners, its basically giving tax payers money to people who really dont need it.

As a Progressive political party, I am sure that a Labour government will find other ways to give help and assistance to the less well off pensioners.

Those who work hard and earn more pay more NI and Income Tax every year more than those who earn less, those who can work but don't pay nothing into the system at all but they do claim benefits which is paid for by those who do work

Those who do pay more at the end of the day still only get the same State Pension as those who have paid less over the years, those who can pay into a works pension or private pension do so out of what salary is left after NI and Tax has been deducted.

The Basic rate is 20% and is paid on annual earnings between £12,571 and £50,270.


The Higher rate is 40%, and is paid on earnings between £50,271 and £125,140.


Once you earn more than £100,000, you also start losing your tax-free personal allowance.


You lose £1 of your personal allowance for every £2 that your income goes above £100,000.

When those who do work pay their dues and retire and do claim their State Pension they have paid for and any other Pension they have paid into for years some will be over the tax threshold and will continue paying Tax on their income ( pension or pensions they have paid for) until they pass away.

I am not wealthy but the State Pension I paid into for 50 years as I have told you before is almost wiped out by tax, because I paid into other pension funds I am being taxed on money I have already paid Tax on when I was working and earning.








 

3 Million Pensioner Millionaires: identifying the numbers
This research is an update to IF’s 2012 pensioner millionaires research, and looks at pensioner wealth according to latest available data from the Office for National Statistic’s Wealth and Assets Survey.

Key Findings:

Great Britain now has more than 3 million over-65s living in millionaire households.
In 2008/10, there were 846,000 over-65s living in households with over £1 million in housing and pension assets.
A decade later, 3,137,000 over-65s were living in millionaire households, and that number has more than tripled and nearly quadrupled.
The figures demonstrate just how much housing and pension wealth has been amassed by older generations and also lay bare the stark intergenerational wealth divide opening up between the generations.




Executive summary
• 3,137,000 people over the age of 65 live in millionaire households - where
the household wealth is over £1,000,000
• The number of older people living in millionaire households has nearly
quadrupled over the last 10 years
• The intergenerational wealth divide has increased sharply
• Older couple households are, on average, more than twice as wealthy as
single people
• Since 2010 a typical (median) older couple has seen their wealth increase
from under £400,000 to over £700,000
• 53% of individuals over 65 now live in households with over £500,000 in
assets
• These figures are based on the Government’s Wealth and Assets Survey
2018-2020, so it is certain that older people’s wealth will now be
significantly greater than the numbers above.