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19th August 2019
:: Blog | July 2008 (14 blogs) | Govt meddles with...

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Govt meddles with Pension Credit again 
Pension Credit is a vital financial lifeline to many low-income people in retirement. It was introduced in October 2003 and replaced the Minimum Income Guarantee. It promises that everyone will have a minimum income in retirement (if they claim it) through a combination of The Guarantee Credit and The Savings Credit - this latter credit was designed to protect people with modest savings or small additional pensions.
As this article points out, it currently promises anyone who is single an income of at least £124.05 a week and, for couples, this rises to £189.35 a week. But as always, the Government can’t stop tinkering with important benefits and the latest move is to reduce the amount of time Pension Credit may be backdated. Of course, this is going to hurt most, those people it was designed to protect in the first place.
This type of issue is why so many pension professionals are rightly concerned about the introduction of Personal Accounts in 2012, unless and until the means-testing issues can be resolved. See:
Mike Jones,, 28th July 2008

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