Pension credit changes cancels out state pension rise

An increase to the eligibility threshold and a reduction to the maximum amounts payable in the savings credit will mean many people will see a cut to their retirement incomes. The Telegraph reported one pensioner was told that their basic state pension payment will be increased by £5.30 a week, while payments under their savings credit will be reduced by £4.40 a week. Tom McPhail, head of pensions research at Hargreaves Lansdown said it would affect current retirees with private savings of a few tens of pounds a week. He said: "These are the people who can least afford to see a few...