Is scrapping the pension triple lock to fund NHS-style social care the right decision?
The state pension triple lock guarantees annual increases by the highest of earnings growth, inflation or 2.5%. It is currently set to cost over £15bn extra a year by 2030. Prime Minister Andy Burnham has proposed an NHS-style national care service expected to cost around £18bn annually and indicated nothing is off the table for funding after the next election, with some ministers and economists suggesting pension savings could be redirected.
22 Opinions
We have to keep repeating it: the triple lock is unaffordable. It has to be scrapped as we hit the demographic time bomb of an ageing population.
We need pension reform but the idea of an NHS style social care system is lunacy. Get the NHS right first and prove it can be fit for the 21st Century.
No. But it should be means tested, all benifits should be means tested properly
All that would do is make another area of business care under funded under staffed. Keeping the triple lock could keep pensioners in their own home for longer being no burden on the public.
Scrapping the triple lock can be PART of the solution. We also need to deal with the Welfare bill and the gold plated generosity of public employee pensions.
We already have one of the worst pensions in western Europe. Let's not make it worse.
The triple lock has been a burden since it was introduced. I would actually go further and means test the Pension entitlement. If in work benefits stop with earned income why shouldn’t out of work benefits like Pension. If you have a final salary pension of £50k per year do you need state pension?
Scrapping the triple lock is a sane financial decision. Ploughing the money into a social care system based on the failed, expensive and poor outcome generating NHS is utter madness.
The civil service final salary scheme should be scrapped instead. People working in the private sector and contributing all the way through until retirement should be protected. UK pensioners are amongst the worse off in Europe.
The triple lock is completely unsustainable with our ageing population and the rising costs of social care. An inflation lock will suffice when the tax burden on working age adults is already very high.