How fair is it on young people that the state pension is increasing? Poll of the week

The government says it is only right to help those who have 'played by the rules their whole lives', but how sustainable is the current pensions system?

James Hockaday
·3 min read

Yahoo UK's poll of the week lets you vote and indicate your strength of feeling on one of the week's hot topics. After 72 hours the poll closes and, each Friday, we'll publish and analyse the results, giving readers the chance to see how polarising a topic has become and if their view chimes with other Yahoo UK readers.

File photo dated 23/06/23 of money in a wallet as the state pension and a raft of benefits will rise on Monday. People receiving the state pension will get a 8.5% increase worth an extra £900 a year to full rate claimants. Universal credit claimants will receive a 6.7% increase, a rise which extends to other benefits including the personal independence payment, disability living allowance and employment and support allowance. Issue date: Monday April 8, 2024.
The government says its changes will make a 'meaningful difference to all those who rely on the state pension'. (Alamy)

The state pension rose by 8.5% on Monday, meaning over-65s who receive the government-funded payments could get up to £900 extra per year.

Work and pensions secretary Mel Stride said the change will make a "meaningful difference to all those who rely on the state pension and ensure we continue to provide a safety net for those who need it most".

The change is part of the government's "triple lock" commitment – a pledge to increase state pensions by whichever is highest of average earnings growth, consumer price index (CPI) inflation, or 2.5%. It comes after a 10.1% state pension increase last year, which the Department for Work and Pensions said was the biggest increase to the benefit in history.

Stride denied that the commitment to the triple lock was an effort to secure the favour of older voters, as polls show that the over-65s are the only demographic in which the Conservatives have a lead on Labour.

He added: “These are people who have played by the rules their whole lives, paid their taxes and contributed so much to our society. They expect that in their older years, the government would look after them."

Supporters of the triple lock say it helps "improve the adequacy of retirement incomes for current and future pensioners", noting how important state pensions are to those on lower incomes, a parliamentary report says.

However, some critics have questioned its sustainability, as a period of soaring inflation could significantly increase the proportion of gross domestic product (GDP) spent on pensions, "adding to pressures already resulting from an ageing population".

Opponents argue the triple lock is unfair because it means older adults are experiencing higher standards of living than younger people may expect to enjoy in the future, and that that it is unfair for the younger generations to subsidise this.

But what do you think? Are recent increases to the state pension fair on younger people? And how sustainable is the system in the long-run?

Come back on Friday to read the results and analysis.

What are the new rates for basic state pensions?

The new state pension rate for 2024/25 will be £221.20 per week for those on the new state pension (those who reached state pension age after April 2016.

This will amount to £11,502.40 a year.

Those who reached state pension age before April 2016 will receive £169.50 per week, or £8,814 a year.

What is the state pension age in the UK?

Currently, the state pension age in the UK is 66 years old for both men and women.

The government has planned to increase this to 67 between 2026 and 2028, and again to 68 between 2044 to 2046, although this may depend on whether future governments decide to stay on course.

Read more of Yahoo UK's Poll of the Week articles