Thursday, April 25, 2019

Making the elderly pay

A House of Lords committee on intergenerational fairness and provision said it was time to rebalance government policy in favour of the young. Nicholas True, the chairman of the Lords committee, said: “We are calling for some of the outdated benefits based purely on age to be removed."

The report said the triple-lock – which raises state pension payments in line with the highest of consumer price inflation, average earnings growth, or 2.5% – should be removed.

Free TV licences for over-75s should be scrapped.

The age threshold for free bus passes raised by at least five years after state pension eligibility. The age when receive winter fuel payments should also rise in the same way. These could be phased in to coincide with the state pension age rising to 67 from 2026.

Scrapping the free TV licence for over-75s could push 50,000 older people into relative poverty. 

Getting rid of the pensions triple-lock could potentially push up to 700,000 pensioners into poverty by 2050, according to the Pensions Policy Institute.

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