Age Concern: Government must help pensioners

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Age Concern: Government must help pensioners

Fri 21st Nov 2008

Age Concern has issued a warning to the government that it risks abandoning the older generation to be swept away by the tide of the recession unless it includes some measures aimed specifically at them in its pre-budget report.

Research by the charity reveals that half of pensioners are cutting back on essentials and one in ten has been pushed into debt because of the rising cost of living.

Gordon Lishman, the director general of Age Concern, said that any income tax cuts that the government introduces are unlikely to be of much use to pensioners.

He added: "The chancellor must […] announce specific measures to help pensioners such as increases in the Winter Fuel Payment and Pension Credit that truly reflect the high cost of living."

This latest news comes after AXA reported that pension funds stood to lose £35 billion because of younger people stopping pension contributions to save money.

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