Lovemoney.com rep highlights good news for pensions calculator users

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Lovemoney.com rep highlights good news for pensions calculator users

Retirees have been treated relatively kindly by the Comprehensive Spending Review, it has been claimed by a Lovemoney.com spokesperson.

Head of consumer finance at the firm Ed Bowsher made this comments after the much-dreaded austerity measures were spelled out yesterday (October 20th).

He said: "Although the savings credit for pensioners has been frozen, many observers expected cuts to concessions such as free bus passes and free TV licences. However, those cuts haven't come through."

Mr Bowsher suggested the biggest losers in relation to the review are welfare recipients, with £7 billion worth of cuts being imposed on this area of spending.

In his opinion, the government's universal credit system could work well, but the full details have yet to be announced.

The Lovemoney.com representative also noted that people in their early-50s have come off badly from the review, since the retirement age change to 66 has been brought forward to 2020.

Chancellor of the Exchequer George Osborne announced an average departmental cut of 19 per cent in the document.

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