Should we keep the triple lock or come up with a better pension plan?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 15 September 2023
⏱️ 44 minutes
🧾️ Download transcript
Summary
That will be an inflation-busting rise but a promise is a promise - and the triple lock is meant to be a cast iron guarantee that the state pension will rise by either 2.5 per cent, average wages, or inflation.
Except it's already been unpicked once and arguing about whether the government can wriggle out of it has become an annual event.
It's expensive and paid for by current workers, but the triple lock has improved the state pension - and one day those workers should get that payout themselves.
Yet, has it run its course and is it time for a better policy than the triple lock?
On this podcast, Georgie Frost, Sam Barker and Simon Lambert debate the triple lock and whether to keep it.
Plus, why is Facebook Marketplace such a wild west for consumers and what happened when we tried to set up our own (fake) scam?
Santander's cracking 5.2 per cent easy access savings deal was pulled this week. The team discuss whether another account will come close in future and why those who signed up to This is Money's savings alerts didn't miss out.
And finally, a reader has viewed 40 homes for sale but not found one they like. What should they do?
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Simon Lambert today is Sam Barker. |
| 0:08.0 | And coming up with the state pensions set for another big boost next April, questions are being asked and you, |
| 0:14.0 | how long can we afford to keep the triple lock for? Facebook marketplace has become a scammer's paradise. |
| 0:20.0 | This is money found out just how easy |
| 0:22.2 | it was for criminals. Also today, Santanderpals is best by easy access account, a week early, but of course |
| 0:29.3 | you knew that because you'll have signed up to This is Money's Savings Alerts. And I want to get on |
| 0:34.5 | the property ladder and have you 40 homes. Not me, but can you help a reader make up their mind? |
| 0:41.0 | What do our experts suggest? |
| 0:42.8 | Don't forget you start up to date with all the latest breaking money news, |
| 0:45.2 | just go to this ismoney.co.uk or download the app. |
| 0:49.1 | Don't forget, you can stay on top of what's going on in the markets by tuning in to the |
| 0:52.8 | Digest and Invest podcast by Itoro. Go to your regular podcast platform and listen on the go. Digest and Invest |
| 0:58.0 | By Itoro, the podcast for those interested in trading and investing. |
| 1:01.7 | But first, it looks like retirees are set for another big boost to the state pension next |
| 1:06.5 | April. Following on from the 10.1% rise this year, an increase of at least 8.5% is on the cards, |
| 1:13.8 | well, it looks to be. It's after the latest wage figures show a decent rise in earnings, |
| 1:18.6 | one of the locks of the triple lock mechanism that the state pension rises by each year. |
| 1:24.1 | But can we as a country afford this? Should the triple lock be ditched altogether, |
| 1:29.3 | become a single, perhaps a double lock? What is the answer? And who is brave enough to change it? |
| 1:36.3 | A very warm welcome, Simon, warm welcome Sam. Firstly, a bit of a quick recap, the triple lock. How does it work? Why was it brought in? |
| 1:45.1 | And why, Simon, is everybody talking about it this week? |
| 1:49.2 | The triple lock for anybody who has been asleep under a rock for the past 13 years is the policy by which we uprate the state pension. |
... |
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