Pensioner income up 29% since 1999

According to the IFS' latest report, pensioners' incomes rose by 29.4% since 1999, while the incomes of non-pensioners rose by 26%. The report said 40% of pensioners are in the top half of the income scale, compared to just 25% of pensioners 20 years ago. More than 40% of pensioners are in the top half of the income scale now - 20 years ago, only 25% were in that category. The report also said the government's latest round of spending cuts hit working age households harder than pensioners. Reforms to tax breaks for the over-65s will cost each pensioner £316 per year, but working...