This is Money Podcast

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

Apr 12, 2024

Financial experts Tanya Jefferies and Georgie Frost discuss the 8.5% state pension boost, potential means testing challenges, delays in the online pension service, NS&I IT meltdown, a dance teacher's outrageous energy bill, and the curious case of an American Express card with a 704.6% APR.

55:28

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Episode guests

Helen

Georgie Frost

Tanya Jefferies

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Episode notes

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Quick takeaways

State pension increased by 8.5% under triple lock commitment, raising future tax concerns.

Potential means testing of state pension prompts debates on cost management strategies.

Comparing state pensions globally offers insights for enhancing UK pension system.

Deep dives

Boost for Pensioners and State Pension Triple Lock

Pensioners saw a boost this week with the state pension increasing by 8.5% due to the triple lock commitment, causing speculation about potential means testing in the future.

Introduction

2min

Understanding State Pension Increases and Generational Perspectives

19min

Challenges and Delays in State Pension Top-Up Service

12min

Analysis of the Recent Surge in Gold Prices

2min

Energy Bill Shock: A Dance Teacher's Nightmare

11min

Inside the American Express Platinum Card

6min

Maximizing Credit Card Benefits for Rewards and Upgrades

3min

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.