20 million more people will lose out under Conservative pension ‘reform’
David Cameron and Ros Altmann, the pensions minister. They have nice, fat pensions waiting for them because MPs have made sure of it. “All in it together”? [Image: Jonathan Brady/PA].
We have learned that the move to raise the age at which people start to receive their pensions has caused – and will cause – financial hardship for multitudes, mostly women.
Changes to the way pensions are taxed mean many of the richer people in UK society will also lose out.
We have been told that anybody under 40 will be worse-off than people above that age due to changes in the state pension, and now we find that a third of the UK population will lose out because of it.
This Blog has been criticised in the past for voicing the widely-held belief that most pensioners vote Conservative.
Clearly, in the light of these changes, any pensioner who continues to support the Tories would have to be mad.
Twenty million people will lose out from the introduction of a new flat-rate state pension with the burden falling most heavily on low-paid private sector workers, according to analysis by leading pension experts.
The startling figure, part of research by pension consultants Hymans Robertson, comes just before the new deal for pensioners is to be introduced in April. It appears to undermine government claims that the reforms will create a fairer, as well as a simpler, system.
The company also warns that the policy could have wider and graver repercussions for government than its attempts to slash credits for working people, which forced chancellor George Osborne to perform a spectacular U-turn in his budget last November.
Chris Noon, a partner at Hymans Robertson, told the Observer that research had revealed that while there would be winners among middle-to-higher earners from this April, the costs of these rises would fall on lower earners in the form of lower pensions in years to come for about 20 million people. “Within the private sector, it’s the low paid – those earning less than around £15,000 – that will be hit hardest.”
Source: 20 million – mainly low-earners – to lose out under pension reform | Money | The Guardian
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Never fear. The Politicians will all be able to collect their secured state pension at aged sixty having worked fewer years in some cases than hard working people collect theirs at age 66.
All in it together!
No MP should get anything other than the basic state pension!
One thing nobody seems to question in this raising of pension age, is the assumption that each generation is going to live longer than the last. In fact, the people who have raised the age, were brought up on completely different diets, of, largely, real, home prepared foods. We might see longevity get reversed as the junk food generations come to pension age.
Please add the 1 million Equitable Life victims to these 20 million soles, and just wait for the others to be screwed under the wonderful “free for all” pension scams enabled by GeoOsb’s arrogance in buying votes before the pension needs of citizens.
And then Ros Altmann was employed, by a criminally accused US quack company offering to “cash ins” similar to snake oil, to organise and present a series of roadshows to rake in the goodies. That was in March 2015, immediately after GeoObs Budget announcement, only to be snapped up as Pensions Minister by our Dave in May 2015 immediately after the Election.
Pension disaster, anyone?