Pension Poverty
Frozen pensioners are heading
towards poverty
POINT 1
2.5 million British State Retirement Pensioners in the Uk — approaching 25% of all State Pensioners — are struggling to meet their day to day needs. They are on the border line of poverty, and many are well below it. (The accepted poverty line in the UK is £151 a week - $294 ca - 2,168 zar - $323.50 au)
Part of the reason for the increase in British Pensioners on or near the Poverty line is the return of pensioners from such countries as Zimbabwe. Due to the freezing of their British Pensions and the financial collapse of their chosen country of residence they are returning to Britain destitute, being unable to bring any assets with them. Age Concern are doing their best to support them, and others like them.
POINT 2
525,000 British State Pensioners living overseas - about 5% of all State Pensioners - do not receive any annual increases in their State Pensions. Many of them are also heading towards poverty; though some receive help from their countries of residence; others, in particular those in Zimbabwe, are less lucky - they have to rely on their frozen pensions alone. Many of these British Pensioners are in their 80s, or even older, with their British State Retirement pensions frozen at well under £50 a week. Should they return to Britain they would receive double their present pensions and be entitled to a whole range of additional benefits, not least of which would be participation in the National Health Service.
At the same time the Government admits that there is a balance of 0ver £45 billion in the National Insurance Fund - and that the fund is earning interest in excess of £200 million a month.
Much of that balance has been accumulated thanks to the number of British Pensioners who regard the opportunity to retire close to children and grandchildren, who have emigrated to work abroad, as a lifestyle advantage in their closing years.
Stock Bureaucratic answers given to British Pensioners who call for the National Insurance Fund balance to finance upgrading their pensions, to grant full Parity with all British State Retirement Pensioners, are either that "the fund does not exist in any real sense" (this has now been proved to be untrue) or "that the priority of the British Government is to give first preference to poverty in Britain". (So what are they doing about that ?) It seems their solution is to say the poor must work longer and retire later.
New Revelations
Recently revealed facts establish that the Balance in the NIF is regarded as being available for use by Government in any way it pleases. The Government says that if they cannot use the money as they please it would necessitate a considerable increase in taxation.
So. What are they using it for ? Hospitals ? Schools ? Infrastructure ? (see Where does our money go ?)
Maybe, maybe not. According to published Government records that money still exists, £45 Billion of it. It must be there in real terms because the Government publishes the interest rates received on it each month, a figure exceeding £200 million a month.
Just two months of that interest, without touching the balance, would finance parity for all British overseas pensioners, wherever they may choose to live. Leaving 10 months of interest, and the balance to help sort out the pensioners in the poverty trap in the UK.
The whole of the National Insurance fund is raised from the mandatory contributions of British workers and to spend any of it on anything other than its intended purpose of alleviating the financial stress of our aged citizens in inflationary times. To use it in any other way is theft !
To see how Politicians and Bureaucrats feather their own nests take a look at our page Pension Inequity. Their pensions are certainly not frozen.
Also see the Table illustrating the growing NIF balance and monthly interest on our page Pension Funding.
Promises, Promises
Promises made from Opposition are ten a penny - take no notice of them. 11,000,000 British pensioners have the power to influence the result at the next election. Insist on a total commitment to Pension Parity to be granted in return to all National Insurance Fund contributors, in accordance with their contribution records -
WITHOUT ANY FORM OF DISCRIMINATION
No Sex or Age discrimination.
No Nationality or Colour discrimination.
No Country of residence discrimination.
No Widow or Widower discrimination.
No Disability or Illness discrimination.
And certainly no Political discrimination.
The British Working class deserve better - they form the backbone of Britain through thick and thin, war and peace, adversity and victory. They deserve the right to a peaceful and financially stable retirement in return for their contributions, in services to their country as well as in contributions to the Insurance Fund, throughout their working lives.