To: The Government
Help for the UK pensioners
The UK pensioners were once again forgotten in Weds budget, with the tax threshold staying the same and potentially moving many pensioners into the tax paying bracket now, or maybe in future years.
Many pensioners do not have private pensions, many just have small private pensions?
So with many increases recently in the cost of living, just how does the government believe that pensioners can survive on £850 per month!!
Let's highlight this injustice to the government and let's fight for a far better deal for our pensioners,
Many pensioners do not have private pensions, many just have small private pensions?
So with many increases recently in the cost of living, just how does the government believe that pensioners can survive on £850 per month!!
Let's highlight this injustice to the government and let's fight for a far better deal for our pensioners,
Why is this important?
The UK government has made provisions for Cost of Living Payments to assist those on certain benefits, including Pension Credit1.
However, there’s an estimated £1.7 billion in Pension Credit that goes unclaimed each year, which could significantly help eligible pensioners2.
Some pensioners face challenges due to frozen state pension payments if they move abroad, which can lead to financial hardship3.
Comparison with Europe:
Reports suggest that several countries in Europe provide more generous state pensions than the UK4.
The UK state pension system is often compared with Ireland, Denmark, and the Netherlands due to similar flat-rate pension structures4.
Impact of Recent UK Budget:
The recent budget has seen changes to the pension lifetime allowance and annual allowance rate, which could encourage older workers to stay in the job market5.
However, these changes may not directly benefit all pensioners, especially those who are already retired and not contributing to a pension scheme5.
The State Pension will increase by 8.5% in April 2024, aligning with the average wage increase, and the Pension Credit standard minimum guarantee will also see an 8.5% increase
It's important because many pensioners will enter the tax paying bracket in the years to come and change is needed
However, there’s an estimated £1.7 billion in Pension Credit that goes unclaimed each year, which could significantly help eligible pensioners2.
Some pensioners face challenges due to frozen state pension payments if they move abroad, which can lead to financial hardship3.
Comparison with Europe:
Reports suggest that several countries in Europe provide more generous state pensions than the UK4.
The UK state pension system is often compared with Ireland, Denmark, and the Netherlands due to similar flat-rate pension structures4.
Impact of Recent UK Budget:
The recent budget has seen changes to the pension lifetime allowance and annual allowance rate, which could encourage older workers to stay in the job market5.
However, these changes may not directly benefit all pensioners, especially those who are already retired and not contributing to a pension scheme5.
The State Pension will increase by 8.5% in April 2024, aligning with the average wage increase, and the Pension Credit standard minimum guarantee will also see an 8.5% increase
It's important because many pensioners will enter the tax paying bracket in the years to come and change is needed
