The Conservatives' new "Triple Lock Plus" policy that protects and increases pensioners' incomes has sparked controversy. Matthew Lesh, Public Policy & Communications Director at the Institute of Economic Affairs, appeared on GB News to argue against this "outrageous and unfair" measure. In his view, it represents an unjustified tax break and "bribe" for one age group at the expense of younger workers.
Lesh contends the policy forces millennials and other workers to pay higher taxes throughout their lifetimes to fund ever-growing pension payouts - including for many retirees who are already millionaires thanks to valuable homes and decades of economic growth. He advocates means-testing pension benefits, providing more for low-income retirees while reducing or eliminating payouts to wealthy pensioners who don't truly need them.
The current blanket approach is "hugely mis-targeted" in Lesh's eyes, overly generous compared to what today's workers will receive upon retirement. He decries an imbalance where some elderly struggle financially, while others enjoy affluent retirements subsidised by overtaxed youth. Lesh sees an unfair "generational issue" that warrants pension reform to create a more sustainable, needs-based system going forward.
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