State pension boosted by 8.5% from this week - will it ever become means tested?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 12 April 2024

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Older people received another boost to the state pension this week taking the full rate to over £11,000 a year.

This year's increase of 8.5 per cent was thanks to the triple lock commitment - a guarantee the state pension will rise each year by the higher of CPI, wages or 2.5 per cent.

What does the future hold? While there is plenty of speculation the state pension may become means tested, in reality it could be incredibly hard to implement.

This week, Tanya Jefferies, Georgie Frost, Helen Crane and Lee Boyce talk state pensions – and how they compare to other countries.

And sticking on the theme, there is another delay for the Government’s new online state pension top-up service. When will it launch?

NS&I has a four day IT meltdown that makes it a struggle for customers to log-in – and it suggests to one that she may have a ‘time drift.’ What does this bizarre explanation mean?

Crane is on the Case once more, this time Eon is in the firing line after it insisted a part-time dance teacher used £95,000 worth of energy… in a month.

And who on earth would hold an American Express card in their wallet with an APR 704.6 per cent? Lee has the answer.

Transcript

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0:00.0	Welcome to This Is Money podcast sponsored by Charles Stanley Direct. I'm Georgie Frost and joining me and Lee Boyce today is Helen Crane and Tanya Jeffries. And coming up, a boost for pensioners this week. But with the triple lock coming with such a hefty price tag, will the state pension become means tested? Meanwhile, a delay for the government's new online state
0:21.1	pension top-up service when will it launch. More issues with NS&I logins plus a computer
0:27.0	meltdown leading to a flood of customers being blocked from accounts. We've an incredible story
0:32.7	of Eon insisting that a part-time dance teacher did actually use 95,000 pounds worth of energy in a month.
0:41.2	And have I read that right?
0:42.6	Amex, the card with the highest APR of any on record, that's 704.6%.
0:49.7	Then for getting some upstate with all the latest breaking money news,
0:52.3	just go to this ismoney.co.uk.
0:55.0	We'll download the app. With our comprehensive range of investments, trade in shares, funds, investment trusts and
1:15.1	ETFs, there's a range to suit all levels of investor.
1:19.4	Choose your own or consider our ready-made solutions.
1:22.8	Charles Stanley Direct.
1:24.8	Sign up now.
1:25.6	Investment involves risk.
1:31.2	But first, older people got another big boost to the state pension this week, taking the full rate to over 11,000 a year. This year's
1:36.2	increase of 8.5% was thanks to the triple-lock commitment. An expensive guarantee that the state
1:41.7	pension will rise each year by the higher of CPI wages or 2.5%.
1:46.0	But what will the future hold?
1:48.0	Plenty of speculation that the state pension may become means tested.
1:52.0	You have one reader, certainly, who has written in rather worried about this.
1:57.0	Welcome to you, Waltanya, of course, to you first.
2:00.0	Just talk us through, if you would, the rise to the state pension.
	...

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