strip all wealthy over 65's of their state pension, on a sliding scale

The Organisation for Economic Cooperation and Development believes 'wealthy pensioners' even those who have paid into the system through National Insurance contributions for decades - should lose their pension entitlement entirely. 

The OECD believes stopping state pensions for the richest members of society would "free up resources" to pay more money, either to poorer pensioners or people on other benefits.

Mark Pearson from the OECD, said the UK, like many other countries, is under pressure from an ageing society: "Faced with these pressures, are you going to ask people of working age to pay more, or people to work longer before they can claim their pension?

It seems to me in times of austerity and cutbacks to redistribute some of the pain away from the young, the vulnerable and women born in the 50's and 60's and towards those who can make a valuable contribution without much loss. I believe on the island those who we might all agree are 'wealthy' would forgo their state pension or accept a reduced pension with good grace.

 

 

Why the contribution is important

It is the right thing to share the costs of savings among all tiers of society. This is an equitable way of fnancing valuable savings without causing a great deal of hardship.

by madeleine on April 30, 2017 at 09:06AM

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Comments

  • Posted by dpfellows April 30, 2017 at 13:07

    This already happens in Australia where an income and assets test applies for qualification for the State Pension. There will be increasing pressure on the pension payment system not only because of its 'Ponzi' nature but also because of the reducing number of working age people supporting retirement age people.

    One question though - should this change lead to a redistribution of the monies to less wealthy residents or to a saving in overall expenditure?
  • Posted by MrBill May 02, 2017 at 08:47

    If anyone has contributed into the system all their working life how on earth could you legally and lawfully take away their right to a state pension.

    I think you would find that it would make a mockery of our democracy and make a laughing stock of the Isle of Man globally.

  • Posted by ninjadispenser May 06, 2017 at 18:30

    I am SO fed up of this attitude about 'wealthy' pensioners being denied their state pension so that it can be given to 'the young,vulnerable and those born in 50s and60s' I was born in 1960 and have worked and paid my way for every year of my working life,paid private sector rent,then a mortgage and never had a state benefit in that time having been employed continuously for over 40 years and saved money by not living outside of my income(never had a credit card) then to be told MY pension is to be stripped from me as I am 'too wealthy' in the eyes of the OECD?
    Why don't the 'young' use their energy in actually supporting themselves like I had to and get the real sense of achievement it can give you to pay your way and appreciate what you have worked to earn?
    Sick and tired of whinging Minnie's who want someone else to take responsibility for them.Oh, and this OECD lot probably wouldn't be so keen to give up THEIR pensions to 'free up resources'.
  • Posted by mike_c_b May 09, 2017 at 22:45

    I do not accept the argument that those who have paid in , and paid more in, do not deserve their state pension.
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