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rights of older people The Government has previously said that it will consult fully on proposals to introduce a British Bill of Rights, although no timetable has been provided at this stage. Age UK’s position ... protections will be vulnerable to change, for example the ‘triple lock’ on the state pension. However the Prime Minister has confirmed that the triple lock will continue to the end of this Parliament in line
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to improve pension coverage and incomes of older people in the future. The new State Pension was introduced in April 2016, however significant controversy remains over the communication of cumulative changes ... future changes to State Pension Age and produce timely and clear State Pension forecasts. The triple lock should apply to other elements of the state pension such as the additional pension and to the new
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the light of rising pensioner poverty, we welcome the Government’s stated position to maintain ‘triple lock’ uprating for State Pensions and universal pensioner benefits for the remainder of this Parliament ... recipients of ESA and Carers’ Allowance who are close to State Pension age. The Government should also introduce a private pension credit for carers who are eligible for Carers’ Allowance. Housing: the Government
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main reasons that relative pensioner poverty fell slightly in 2011/12 was the introduction of the triple guarantee in 2011/12, which meant that the State Pension was uprated by 4.6 per cent in April 2011 ... policies pensioner poverty would continue to fall, but that this could be improved by policy changes. Introducing the single-tier State Pension in 2016 (as the Government is doing) could reduce pensioner poverty
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carer. The Government should look at how these ‘bumps in the road’ can be smoothed out, and should introduce a private pension credit for carers who are eligible for Carers’ Allowance. This is another reason ... concept of mid-life career reviews has been successfully tested by BEIS – we would like to see these introduced and include information on pension decumulation options, and then be followed up with more opportunities
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State Pension age as discussed elsewhere in this response. In terms of the uprating policy, the triple lock is described by some as ‘unsustainable’.vii While the formula is certainly more favourable than ... likely to fall in real terms over their retirement. Government expenditure projections assume the triple lock remains in place, but even so, over time the new system will cost less that the pre-2016 system
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caution the Government against seeking to extend the new system of lifetime ISAs, and against introducing a marketplace for secondary annuities before consumer protection is assured. The focus should instead ... poverty by 2020. 29. To help achieve this it is important that current support, including the triple lock, is protected and, more is done to help ensure that older people receive the benefits that are
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increases. Recent increases in the level of basic State Pension thanks to the UK Government’s ‘triple lock’ policy have been very welcome. However they mask the fact that the State Pension is starting from ... level of the basic State Pension. Regrettably, Pension Credit has been under claimed since it was introduced. It is estimated that around one-third of eligible older people do not claim or receive it.3 This
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It also makes it absolutely imperative that there is a long-term requirement in legislation to triple lock the state pension to provide a solid underpinning against inflation. We accept that the majority ... how to ensure that members get advice only from suitably experienced and qualified advisers. Introducing greater certainty to defined contribution The proposals around improving DC schemes are interesting
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the financial risks to their partner of taking a single-life annuity) before allowing individuals to lock into a retirement income product. o Should clear warnings be sent to those who already have a singlelife ... aware of the full range of their retirement income options and that they do not necessarily have to lock into an irreversible decision at the start of retirement (raising awareness of fixedterm annuities
