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State Pension not be paid to individuals with annual taxable income exceeding £50,000.
State Pension age should be increased to 68 once the average life expectancy in the UK reaches 84.
The Triple Lock should be removed.
Government stop paying for pensioners bus pass.
The current State Pension system is an unaffordable and unsustainable model that requires a fundamental and honest re-evaluation. The pension is a myth of a fund that has been paid into, but the money has already been spent, similar to a Ponzi scheme. A painful but necessary shift is needed: the state benefit must move from being an automatic right to a targeted safety net.
Under the proposed reforms, the State Pension would not be paid to individuals with other annual taxable income exceeding a threshold of £50,000. For those with income below this level, the State Pension would be paid as a top-up, ensuring that no one's total annual income exceeds £50,000 from these sources combined. This ensures support is directed to those who need it most.
To ensure long-term stability, the State Pension age should be increased to 68 once the average life expectancy in the UK reaches 84. A notice period of three years would be given to those affected by this change. This approach avoids expensive and disruptive reviews, focusing resources on improving the country.
While the Triple Lock has served pensioners well since its introduction in 2011, it is now an unaffordable mechanism for the future. The Triple Lock must be removed. Going forward, the State Pension can still be increased, but with a more considered approach that takes into account the wider economic situation.
To improve government cash flow and reduce interest costs, the State Pension should be paid at the end of the month, rather than its current system of four weeks after a birthday. Furthermore, qualification for the State Pension would be based on an individual paying UK Income Tax or having bought credits to receive a pension.
The bus pass system also requires reform. An annual charge should be introduced for all pensioners who wish to use a bus pass, with an exception made for the poorest pensioners as a safety net. To provide greater value, the pass should be valid for use all over the UK.