Triple Lock on Pensions to be suspended and NI Hike UK

[Char]

It might affect some of you so I thought I'd post it.

It's been announced that NI will rise 1.25% and the triple-lock on pensions is to be suspended for a year. Both seem to be causing some consternation to some conservatives because it goes against the Conservative Party's manifesto pledges.

As if anyone expect the conservatives to keep their promises now a days anyway - you'd be hard pushed to find many that actually are able to tell the truth.

I wasn't sure whether to put this in the Brexit section or not

[Wilbro]

B*st*rds! Easy target and having paid in for over 50 years to me it's unjust. For God's sake will the UK ever get a decent government again?

[Doug]

Agree[mention]Wilbro[/mention]
Although I retired many years ago I was ripped off then so its been happening a long time.

[Wilbro]

We are paying for years of underfunding, top heavy, overpaid management and the loss of care and hospital workers thanks to Brexit. The Labour government of the '70s was appalling just as this one is but today it's also corrupt and rotten though and through.

[niemeyjt]

I guess no government will make promises like that again - or at least not without so many riders to make it useless.

Leaving aside the issue of broken promises - extra money is required. What I object to in the announcement is that NI disproportionately hits the younger and lower-paid who are less likely to benefit from the funding raised.

Personally, given NI is not hypothecated I would look at two steps - 1) removing the upper limits on payments and 2) merging it with Income Tax.

[MAD87]

Personally, given NI is not hypothecated I would look at two steps - 1) removing the upper limits on payments and 2) merging it with Income Tax.

Please don't use long words!
The French should merge impôt sur le revenu with CSG, the latter being grossly unfair for pensioners. All these levies are taxes after all.

[rockfish]

I am so thrilled. An extra not £5 a week extra. What's that in Engerland, an extra cup of Starbucks?

But I suppose they have to pay for the lying charlatan and Carrie Antoinette's upkeep somehow. Bless.

[DaveW]

I guess no government will make promises like that again - or at least not without so many riders to make it useless.

Leaving aside the issue of broken promises - extra money is required. What I object to in the announcement is that NI disproportionately hits the younger and lower-paid who are less likely to benefit from the funding raised.

Personally, given NI is not hypothecated I would look at two steps - 1) removing the upper limits on payments and 2) merging it with Income Tax.

It will be a cold day in hell when a conservative government go with that.

[Char]

If they hadn't wasted billions of pounds lining their mates pockets for non existent PPE and all the rest of the stuff they fiddled, they might have had some money to spend on the NHS - it's been underfunded for donkey's years and I agree it needs more money - but I don't trust this lot of charlatans to put the money where it's supposed to go tbh.

[exile]

I guess no government will make promises like that again - or at least not without so many riders to make it useless.

Leaving aside the issue of broken promises - extra money is required. What I object to in the announcement is that NI disproportionately hits the younger and lower-paid who are less likely to benefit from the funding raised.

Personally, given NI is not hypothecated I would look at two steps - 1) removing the upper limits on payments and 2) merging it with Income Tax.

Perhaps that is the root of the problem. My German tax statements show payments made by me and my employer towards:
Social insurance - pensions
Care insurance
Health insurance
Invalidity insurance
etc.

Each being ring fenced and from my contributions I can calculate for each how much I can draw down in the event of need.

It is not without its problems and some areas (health) have run at a loss for quite a number of years.

I do agree though that the NI construct needs to be revised. Why an upper limit? and why stop collecting NI contributions when you reach 65 (or is it 66 now?)? At least adding it to Income tax would resolve those issues.