dualit89

[dualit89 @dualit89]

“It [Social Security] is, first and foremost, a plan of insurance — of giving in return for contributions benefits up to subsistence level, as of right and without means test, so that individuals may build freely upon it.”

Beveridge 1942

[dualit89 @dualit89]

@smiffy_73 @afneil State pensions are paid entirely from National Insurance receipts. The Government does not to borrow money to pay them.

https://t.co/FxNZZg1TgR

[dualit89 @dualit89]

@smiffy_73 @afneil Pensions are paid from current taxation. Scrapping the Triple Lock would have no effect on Government borrowing or debt.

[dualit89 @dualit89]

@RupertLowe10 Pensions increased by inflation for 30 years, which is why we ended up with the Triple Lock to recover its value relative to earnings.

Some politicians either know nothing about pensions or have learned nothing.

[dualit89 @dualit89]

What does “Scrap the Triple Lock” actually mean?

Is it:

a. Uprate by earnings only (legal requirement)

b. Uprate by prices or 2.5% (as pre-2010)

c. Cut pensions to recover the increase above earnings or prices since 2010

d. Freeze pensions

e. Something else

[dualit89 @dualit89]

@MarcusH_01 @littlealb 1. The only tax on page 17 is National Insurance contributions.

2. This is the Government Actuary’s 2026 forecast. The Treasury Grant threshold is around £25bn.

[dualit89 @dualit89]

@MarcusH_01 @littlealb NI is the only tax that funds state pensions.

https://t.co/9hnB6xWQWE

[dualit89 @dualit89]

@MarcusH_01 @littlealb Younger people today are not taxed more to pay for older people’s pensions. In fact, they are paying the lowest tax rate in over 50 years.

[dualit89 @dualit89]

@dr_besty @tbfl141 @chrisrich88 “it doesn't fund anything”

Social Security Administration Act 1992

[dualit89 @dualit89]

@tbfl141 @chrisrich88 I did not say the state pension is a defined benefit scheme.

I said the state pension is a defined benefit because pensions are determined with reference to a standard amount (a defined benefit) and not to individual contributions paid.

[dualit89 @dualit89]

@DWeller50261 @mariacaulfield In 2024-25, £34.8bn was paid to the NHS from NI receipts.

https://t.co/9hnB6xWQWE

[dualit89 @dualit89]

@tbfl141 @chrisrich88 You do not pay into a “pot with your name on it” because the state pension is a defined benefit. You seem to be confusing the state pension with something it is not.

And any particular reason why £200,000 in employer contributions are not shown in the diagram?

[dualit89 @dualit89]

@chrisrich88 The state pension is a contributory benefit which means workers (and their employers) pay contributions in return for benefits in retirement.

The fact that State pensions are paid from current contributions (and have been for over 80 years) doesn’t change that.

[dualit89 @dualit89]

@BarnetBandit @chrisrich88 The state pension is a defined benefit so why would there be a pot called “Chris Richardson’s Pension” ?

[dualit89 @dualit89]

@ItsHeskeyTime11 @stevesl6447 @chrisrich88 Which numbers are those? State pensions have been fully funded from NI for at least the last 50 years.

[dualit89 @dualit89]

@WorldOBarry @normanbluecoll1 You can “characterise” as much as you like but it does not alter the fact that State Pensions are fully funded from National Insurance receipts and the Government does not borrow to pay for them.

[dualit89 @dualit89]

@WorldOBarry @normanbluecoll1 Except that pensions are paid from current taxation which means that the Government does not need to borrow money to pay for them.

[dualit89 @dualit89]

@Artemisfornow “You are ENTITLED to nothing!”

Unfortunately, the law says you are. See:
S2, Pensions Act 2014
S44, Social Security Contribution and Benefits Act 1992
S28, Social Security Act 1975

[dualit89 @dualit89]

@benjaminbutter @poiuplop @MattSaysFingz Neither were they told they would get the higher new state pension. Should that also be scrapped?

[dualit89 @dualit89]

@LBC @TomSwarbrick1 You seem to be confusing the state pension with something it is not.

The state pension is a contributory pension (the clue is in the name). You pay the contributions, you get the pension.

It is not, and never has been, income support for those in need.

[dualit89 @dualit89]

@benjaminbutter And spending on pensioners is lower as a percentage of GDP than 2010, so the Triple Lock has not caused pensioners to become an increased burden on the economy.

[dualit89 @dualit89]

@benjaminbutter So what? State pensions are not paid from income tax.

The median worker pays less than 4% of earnings for their pension, which is the lowest rate in over 50 years.