Mixed-age couples face £1bn hit from Government Pension Credit raid

Written by Adam Cadle
28/02/2019

The Government has today published an impact assessment following its decision to strip mixed-age couples of the right to claim Pension Credit.

The change will come into force from 15 May 2019, at which point both partners in a couple will have to be over state pension age to qualify for Pension Credit.

AJ Bell senior analyst Tom Selby said: “Tens of thousands of mixed-age couples are facing a £1bn hit as a result of the Government’s Pension Credit raid.

“With Pension Credit worth up to £13,273 a year versus £5,986 a year for Universal Credit, at the extreme those affected could be over £7,000 a year worse-off as a result.

“While policymakers can reasonably argue this change has been in the offing since the Welfare Reform Act 2012, that will be little solace to those affected who face a potentially significant retirement income shortfall.

“Anyone who thinks they might be impacted should act now to claim Pension Credit while they still can.”

    Share Story:

Specialist FTB and BTL markets
Adam Cadle talks to Vida Homeloans director of sales - mortgages Louisa Sedgwick about the specialist first time buyer and buy to let markets

Newsletter

Subscribe to our newsletter to receive breaking news by email.


winners-banner



MoneyAge welcome
MoneyAge Editor Adam Cadle discusses the brand and what is on offer

World Markets (15 minute+ time delay)