End of the triple lock?

Kj, I don't think I said the 2.5% was on top of anything, I said it was the third "part" of the triple lock which would guarantee the minimum if needed. 

Sorry brue, It was this bit that I thought you meant that by....

"The 2.5% guarantee (on top of inflation/cost of living)"

We should remmeber that when govenrments speak about pension costs such as 90 billion or whatever the figure is they do not refer to the state pension but to all pensions paid by government that is teachers, mp's judges civil servants, soldiers and so on. I have never heard the true cost of the state pension given.

For those that will be on the new state pension, will the triple-lock apply to the whole pension amount?

That's a very good question.

As the new state pension is, in effect, the new basic pension, then yes you would expect the triple lock to apply to all of it.

But a large percentage of people won't qualify for the full amount of the new state pension, due to the rules about contracted out / contracted in NI contributions.

If the amount that you would have got under the old rules (including additional state pension / SERPS etc) is more than you would get under the new state pension, you will get the higher amount.

But how much then is subject to the triple lock?

Hmm......I need to do some more research.......

I have try'ed to find out but not been able to confirm one way or the other, but I'm lucky as I've my army pension to top up my standard of living. Got to work till 66 now, 8 to go, feel it's going to go slow, yes I'm 58! Don't think we qualified for SERPS in the army. So I don't think any SERPS will be added to my so called foundation amount if you know what I mean.

We should remmeber that when govenrments speak about pension costs such as 90 billion or whatever the figure is they do not refer to the state pension but to all pensions paid by government that is teachers, mp's judges civil servants, soldiers and so on. I have never heard the true cost of the state pension given.

Write your comments here...And all the MPs

Kj, I don't think I said the 2.5% was on top of anything, I said it was the third "part" of the triple lock which would guarantee the minimum if needed. 

Sorry brue, It was this bit that I thought you meant that by....

"The 2.5% guarantee (on top of inflation/cost of living)"

 

 

Write your comments here...My terminology is at fault, culpa mea, not sure how I should have expressed the situation of the the three locks but I certainly didn't mean this to appear as an added extra! I did my best I hope to explain the three parts. By the way all the info is out there on gov uk, pensions advisory services, Paul Lewis, Martin Lewis et al.

I will now step down from the witness box and leave others to the cross examination procedure....

If it's any help I've just checked the info about extra bits of pensions like SERPS and these are only linked to the Consumer Price Index so no increases this year.

Ah, that would explain things, thanks Brue.

David

Apologies for getting the mea culpa round the wrong way too...not a good ending...

Dont understand why State ensions should be lumped in with benefits.To get a full state pension you will have had to pay in both taxes and National Insurance. Not therefore a benefit.

There are several benefits that are dependant upon NI contributions.

The state retirement pension is a non means tested benefit.