Pension Credit figures up, says DWP

clock

The number of people claiming Pension Credit has increased by 64.5% in the past year the DWP says, despite heavy criticism and calls to do away with means-testing.

Statistics published by the Department for Work and Pensions reveal the non-disabled MIG/Pension Credit group increased by 461,000, while the state pension-only group decreased by 443,000 (6.1%). Pension Credit replaced MIG in October 2003. In May 2004, about 10.6 million people or 99.9% of those over the state pension age claimed at least one of the key DWP benefits - 99,000 more than a year earlier. The total number of people over state pension age receiving one of the key DWP benefits increased by 287,000 between May 2000 and May 2004. These figures form part of the 32nd editio...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read