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  1 month ago

Pensioner anomalies ( you just can't win can you ) ?

Forgive me once again for posting yet another boring "topic" but please stick with it as it may be of some interest ( eventually ).

You may remember a couple of months ago that the government removed the "average earnings" segment of the state pension "triple lock" for this year as they stated the expected 8% rise this would have provided to state pensions as being an "anomaly" and this was true in that workers returning from furlough thus increasing wages by 20% in some cases) and the fact that many low paid workers had lost their jobs during the pandemic did indeed skew the average earnings index for this year which I must agree is the case.

Now let's fast forward to yesterdays inflation figures for September. This rate actually unexpectedly fell from 3.2% in August to 3.1% for September.
Every sector in the basket of goods used to calculate the CPI inflation rate ROSE with the exception of a miniscule fall in clothing and footwear but one massive FALL in prices for the hotel & restaurant trade or (hospitality) sector. This was caused because in September last year the "eat out to help out" scheme ended and certain changes to VAT caused a skewing of the figures for this sector when taken September 2020 to September 2021. So one "anomaly" in the basket of goods was responsible for the fall but this wasn't recognised and removed as the average earnings part of the triple lock had been.

It just so happens that next Aprils state pension increase is calculated on the CPI inflation rate for September 2021 (3.1%). The government has chosen to remove the "anomaly" that would have increased pensions by 8% but totally ignored the anomaly that effectively reduces the state pension increase from a more realistic 3.5% to 3.1%.

You just can't win at the casino when the "house" is playing with loaded dice can you. LOL.

I think it would be a far more equitable system to average out the whole years inflation rate , rather than selecting just one particular month for calculating state pension increases going forward. What do you think ?

Afterall come this December inflation could be well pushing close to 5% in many analysts opinions.

Disclaimer:- Please can I make it quite clear to everyone that I'm still quite a number of years from qualifying for my state pension and as such I can't be categorized as holding a vested interest in my topics conclusions. LOL.

What do you think folks ?


  1 month ago
I think it is sensible as any rise has to be affordable! Reply


  1 month ago
To be honest hun We get more than enough money to live on both beibg pensioners and Dave having two private pensions I would rather any extra money go to families with children as it is really difficult for them financially Reply


  1 month ago
I believe pensions should be higher but I understand this means that tax would have to rise significantly to pay for it, and voters have not indicated a willingness for this to occur.
I think the 'triple lock' is a good idea, and fully understand why it was altered to a 'double lock' for one year - affordability.
Other thoughts:
I don't think you have fully grasped how the rate is calculated. I believe it is averaged out over a whole year, not just a one month comparison (which is what you appear to be implying).
I think you have 2 versions of the same topic.
I think you should have included the other 'lock' value, for completeness and to show that the rise could have been even lower (2.5%).
I think the casino reference shows a misunderstanding of what politicians do and the purpose of government.


  1 month ago
You are correct but there have always been anomalies & the government have chosen to pick their favourite.
Rather like taxation you can have an incredible years earning followed by four years of much lower earnings yet the tax isn't averaged out.


  1 month ago
Pensioners ? They don't matter Alan ;( Reply

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