Means testing undermines state pensions says CAB

clock

Forcing pensioners, and then often the poorest of them, to account for every penny of savings and income is undermining access to state pension benefits, the Citizens Advice Bureau says.

In turn, serious question marks must be asked about the long-term viability of the system to deliver benefits to those who are entitles, but are being driven away by the delays and complexities involved. For example, means testing troubles mean about a million households are still not receiving the Pension Credit – out of a total eligible number around 3.8 million, the CAB says. Complaints handled across the country paint a consistently troubling picture: the means testing assessment process is too complex or payments are delayed. Government commitments to the Pension Service are a...

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

Tyndall Partnerships head Sullivan on bespoke empowerment

Tyndall Partnerships head Sullivan on bespoke empowerment

‘No two IFAs invest in the same suite of models’

Isabel Baxter
clock 09 December 2024 • 4 min read
Smoothed funds set to be a 'bigger asset class for the advice market'

Smoothed funds set to be a 'bigger asset class for the advice market'

‘An attractive low-risk solution for retirees’

Isabel Baxter
clock 25 November 2024 • 3 min read
Advisers no longer see inflation as a major concern

Advisers no longer see inflation as a major concern

Funds offering a level of inflation protection were the last research, Square Mile finds

Isabel Baxter
clock 22 October 2024 • 4 min read