Currently, a total of 18.5% of pensioners in the UK aged 75+ have incomes below the poverty line. The main reason for this is the UK’s low level of state pension.
British workers can expect among the worst pensions in the developed world, according to a report from investment bank UBS, which compared the retirement outlook for a 50-year-old woman in major cities across the globe.
New York 55%
Hong Kong 41%
The government must reconsider punishing changes to women’s pensions after it emerged earlier reforms boosted state coffers by more than £5 billion a year, campaigners say.
The Institute for Fiscal Studies (IFS) found more than one million women are worse-off by an average of £32 a week after the retirement age moved from 60 to 63.
The change, which happened between 2010 and 2016, has taken 1.1 million women off the pensions book, saving the UK Government £4.2bn on the state support and related benefits.
We now have active campaigning groups in Edinburgh and Lothians and in Glasgow and West of Scotland. The aim is to try to set up groups based around each of the other cities in Scotland, and after that to attempt to reach out into the surrounding rural areas. We are currently trying to identify people in and around other cities who might be interested in helping to set up new groups. This will enable us to be raising the profile of P for I throughout Scotland and preparing the ground for indyref2.
So, the Tories are looking after their own in the insurance markets! Who would have guessed ?
Quote from a city worker:
“The Conservatives will attempt to soften the blow by promising that pensioners will not have to sell their homes to pay for their care costs while they or a surviving partner are alive. Instead, ‘products will be available’ allowing the elderly to pay by extracting equity from their homes, which will be recovered at a later date when they die or sell their residence.”
The following has recently been posted online:
‘People need to read the small print associated with this because it’s a lot nastier than it looks. I work in the city. The insurance industry was approached by the Government several months ago with the aim of creating a new market for a new product.
This arrangement is a culmination of those discussions. You won’t have to sell your house PROVIDED that you purchase an insurance product to cover your social care. The ‘premiums’ would be recovered from the equity after the house had been sold and the insurance company would have a lien on the house and could force a sale if it wanted to. So your offspring couldn’t keep it on the market for long in order to get the best price.
The real kicker in this is that in order to encourage the industry to market these products the Government guaranteed that there would be no cap on the premiums.
This was in some ways “atonement” for Osborne’s destruction of the highly lucrative annuities market. This means that the premiums could be up to (and including) the entire remaining equity in the property after the Government had taken its cut. Companies will be falling over themselves to get their snouts in this trough.
In short your offspring and relatives could get absolutely nothing from your estate.
If you buy one of these products you need to read the small print very carefully indeed because there will be some real dogs on the market.
I suspect that this is another financial scandal waiting to happen. but by the time it does May will be long gone.”
There has been renewed publicity paid just recently to the future of the triple-lock on state pensions.
This is the committment made some time ago that annual increases will be whichever is the greatest of :- the rate of inflation, the change in the Consumer Prices Index, and 2.5%. Both the Conservatives and Labour have said they will discontinue the triple-lock in the near future, whereas the SNP have made it clear that, in an independent Scotland, an SNP Government would maintain it indefinitely. Pensioners in Scotland do not really need any more reason than this for voting SNP and for Independence, but just in case more incentive is required, what about protecting your free ‘bus passes, because if we elect another Tory Government at Westminster that is hell-bent on more austerity measures, you can be sure retired people’s bus passes will be in the firing line next !
Angus Robertson asked PM May a simple question to guarantee the pensions triple lock. She failed to. Pensioners should fear Tory pensions bombshell.
Calling the election has delayed the Government’s plans to push back the state pension age and abandon the triple lock, due to be announced on 5 May. As things stand, May might sound an attractive proposition to middle-aged Brits, but her proposal to target pensioners’ benefits – or, as I prefer to call them, their rights – will drastically affect every voter under the age of 45 too.
Governments can review the pension age every five years, and the former Director of the CBI, John Cridland, recently published a report proposing that the age be raised to 68 from 2037, seven years earlier than planned. He wants to get rid of the “triple lock”, which protects the value of pensions against the rising cost of living, and make pensions relate to earnings instead – means-testing by another name.
ONE in five over-65s in Scotland is struggling to make ends meet – despite an estimated £292 million in Pension Credit and Housing Benefit going unclaimed each year.
The latest research for Age Scotland revealed that more than 200,000 Scottish pensioners are struggling financially, with 158,000 elderly people now living below the poverty line.
Now the charity is urging older people to get in touch to find out if they’re entitled to some extra financial support.
Frightening information for anyone wishing to stay in the Union!
- 27% of males and 22% of females in Glasgow & West of Scotland will contribute to a pension all of their working lives and get NOTHING in return by way of pension.
- Bankers who remained in the “bailed out by the taxpayer banking system” have been and are continuing to attract bonus payment measured in the hundreds of £million simply for doing their job. The rich have got much richer and old age pensioners and many other member of society are increasingly dependent on charity (faced with a lack of support from an uncaring welfare state) to remain alive.
- And more https://caltonjock.com/2014/09/01/scotlands-old-age-pensioners-driven-to-poverty-sacrificed-on-the-alter-of-bankers-greed-and-an-uncaring-government