Amendments to the Pension Bill could help pensioners on a lower income, as the aim is to remove the means-testing clause. It is hoped that by removing the means-tested clause, any benefits that amount to £16,000 or less will not be considered when applying for housing benefit, council tax benefit and pension credit if you are aged 60 or over.
The Government has also recently confirmed that all of the differences between protected rights and other pension policies will be removed, except for the 50per cent spouse benefit. This will also help the pension industry.
Our view
We believe that these moves would be good starting points in helping people and encouraging them to save for their future.