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Russell David's avatar

I was recently in my favourite Bath pub, The Raven, which is the pub Keir Starmer was thrown out of (not why it's my favourite, loved it for years before that, but that didn't harm my affection for it!), and on one of the bars there was a 'Refugees Welcome' collection tin. Surprising! Given that the pub's Starmer-chucking owner is a fan of Restore and Rupert Lowe (as he told the Telegraph). I'll try and post my photo of it at some point.

Nicholas Craddy's avatar

Cards on table. I am a pensioner and my only income is the state pension.

While it is true that the triple lock will become unsustainable, I think we should look beyond why that situation has arisen.

The state pension was founded on the principle that you paid in to it. At retirement if you didn’t have enough stamps (contributions for the younger readers) you didn’t qualify and you didn’t get it, or you got a pro-rata lower amount.

(It is worth noting that the government never ring fenced NI contributions and created a sovereign wealth fund, but relied on current workers NI contributions to pay for current pensioners)

So what happened next?

Tony -forever to be cursed- Blair arrived.

He invited in millions of people. People who often arrived potless and in mid life.

Quote “ we will rub the noses of the right in diversity “

“We went out looking for them”

So these new people who had never paid a penny into our social welfare system became entitled to our benefits, and when they got old enough, to á state pension.

Whoops! They didn’t qualify for a state pension because they didn’t have enough contributions. So what do we do now?

We change the rules. The state pension becomes a benefit that everyone gets.

Oddly, the ONLY benefit that is taxable.

So we now have the situation where millions, and yes really millions, of people are now drawing a state pension which they really are not entitled to, and overloading the system. Á system that was flawed from the start because it relied on today’s workers, as no investment of contributions was ever made.

Then along came Gordon Brown. The UK had the best private pension system in the world. It took contributions from its clients and invested them, the money worked for everyone, pensions companies invested in British Industries, made a profit and the returns paid the pensions of the members.

Mr Brown didn’t like that, so he taxed the gains the pension companies made from their investments, to the tune of £6 Bn per year.

He almost killed the industry.

So ask yourself this when discussing the triple lock.

The UK Pension is less than the government considers necessary for a decent life as defined by the minimum wage.

The Labour government of Blair made millions of people entitled to a pension who had never contributed.

The Labour government of Brown ripped the heart out of the private pension system- this includes final salary schemes which are now unheard of but used to be common.

Civil servants, public sector employees etc still get gold plated pensions.

So poor old Joe Bloggs who did the right thing, left school at 15 and paid their contributions for 50 years, is left with the heat or eat challenge.

The underlying reason?

Labour.

Party of the working class, my arse.

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