Pensions

Article posted: 13/01/2024

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What's the Government doing about it?

The introduction of the Minimum Income Guarantee, recently replaced by the Pension Credit, has made a difference to the incomes of the poorest pensioners, any of whom are women. However, it is a means-tested benefit and many people don't realise they can claim it. Means-testing is not a long term solution to women's poverty in retirement.

Government policy is to seek to increase the level of private savings for income in retirement in the long term. The Government's Pensions Green Paper however, highlighted the difficulties for women in building an adequate income for their retirement, but did no tput forward any new proposals to tackle women's poverty in old age. Giving women better information about their financial situation will help some but it won't make any difference for those who cannot afford to save.

Women's needs must be taken into account when the Government changes the pensions system. In longer term the EOC wants to see the state pension replaced with a pension set above poverty level, which everyone would receive, rather than a system based on qualifying years.

For more information about the EOC's campaign visit: www.eoc.org.uk or call the Helpline on 0845 601 5901


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