Retirement income experts have expressed concerns at the decline in the number of retirees claiming pension credit, on the back of new figures published by the Department for Work and Pensions (DWP).
According to the DWP's latest quarterly data, fewer than 2.5m people claimed the credit in the 12 months to the end of November last year, a fall of 147,000 on the previous year. The DWP said the drop was due to the increase in the state pension age for women, which is also the date at which people are eligible to claim pension credit, but pensions specialists suggested that explanation masked a larger problem. In the year to November 2006, more than 2.7m people claimed pension credit, which replaced the minimum income guarantee in 2003. Stephen Lowe, director at retirement income ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes