Young people crying intergenerational unfairness will themselves benefit from linking pensions to earnings
That’s because the “triple lock” means that the state retirement income goes up automatically by either inflation, 2.5 per cent or wages, whichever is the highest.to say that the whole policy is an unaffordable sop to “the grey vote”.
Indeed, the policy is potentially George Osborne’s biggest legacy . In guaranteeing the state pension would rise,nationalised our pensions system by stealth – by transferring from individuals to the state the risk of providing a retirement income. At the time, former Labour Cabinet minister Barbara Castle and others campaigned vigorously to get that decision reversed. In fact, Castle and former trade union leader Rodney Bickerstaffe pressured New Labour to do the same, but to no avail.
Labour’s Nye Bevan memorably said the means test was “a principle that eats like an acid into the homes of the poor – in the small rooms and around the meagre tables of the poor, hells of personal acrimony and wounded vanity arise”.
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