State pension rise of 10 percent slammed leaving pensioners furious | Personal Finance | Finance
Former Goldman Sachs economist Jim O’Neill, who served under Chancellor George Osborne, spoke out to criticise the triple lock policy. The triple lock is set to be reinstated next year, with the state pension set to rise by 10 percent, in line with the CPI inflation figure predicted for September.
Last month, Mr O’Neill told BBC Radio 4: “It seems to me pensioners, given the pressure on fiscal policies and inequalities, the constant protection of pensioners seems ludicrous in itself and in these circumstances particularly crazy.”
More than 600 Express.co.uk readers have responded to the former minister’s concerns online, with many slamming his comments, claiming he’s out of touch with what it’s like to live on a pension.
Patsym45patsym, who is still working at 64, said: “I had no notice that I wouldn’t get my pension at 60 as had been planned all my working life.
“What gives him the right to continually penalise pensioners?
READ MORE: State pensioners may be able to increase sum by up to £14.75 weekly
“They have contributed to society all of their working lives and deserve to live their latter years in a little comfort.
“I believe we are one of the lowest pension payers in the western world and without adequate rises in pensions how are pensioners expected to pay their way.
“He should remember that a great majority of 1950s women were not permitted to join private pension schemes so are totally reliant on the state pension that they contributed towards.”
Another person agreed that pensioners deserve to be rewarded for their work.
DON’T MISS
NigelL said: “The pensioners were the ones paying taxes enabling the economy to grow and their pensions are their right after working for so many years and paying their taxes.
“The youngsters have only paid their taxes for a short term in comparison so they are in no position to argue.
“Plus when they retire they will be expecting livable pensions – won’t they?”
A third person, 56PS, hit out at Mr O’Neill for ignoring the fact that people in work have more flexibility to change their finances.
They commented: “Very much overlooking the fact that once you get to pension age, your income is pretty much fixed and the ability to otherwise cover escalating costs isn’t there.
“People in work have options – work more hours, change jobs, get a promotion, gain more skills.
“Not saying all of these are easy but they are more than an 80 year old has.”
The triple lock guarantees that the state pension will increase in line with either inflation, average earnings or by 2.5 percent.
Last year, the figure was set to rise by over eight percent, in line with surging average wages following the coronavirus pandemic.
But ministers deemed this unfair, taking out the average earnings figure, leaving people with just a 3.1 percent increase.
Another person, UKconcernedcitizen, said in response to Mr O’Neill: “Lots of pensioners today have worked for 50 years or more to get where they are and they deserve to be treated better.
“The pensioned today had to work.
“They didn’t have the luxury of the “live for today” society who want higher wages for shorter hours.”
