Inflation Pensioner Living Standards 2024-12-16
2024-12-16
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question arises from the concern over rising inflation and its impact on pensioners' living expenses, specifically in Mid Dunbartonshire where nearly a quarter of constituents are of pension age. Pensioners who have invested in private schemes face challenges as inflation outstrips their modest yearly increase, eroding the value of their lifetime savings.
I am concerned about the potential impact of trends in inflation on pensioners' living standards, especially for those with private pensions whose financial planning is being undermined by high inflation. What steps will you take to prevent the erosion in value of private pensions and mitigate the problem of investment growth not being passed on to pension holders?
The Chancellor launched a landmark pensions review in July, which is being led by me. The review aims to boost returns for future pensioners so they get better returns similar to those seen in Australia and Canada, and also to increase investment in the UK economy.
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Assessment & feedback
The specific steps to prevent erosion of private pensions' value due to inflation were not addressed
Response accuracy
Q1
Partial Answer
▸
Context
The question arises from the concern over rising inflation and its impact on pensioners' living expenses, specifically in Mid Dunbartonshire where nearly a quarter of constituents are of pension age. Pensioners who have invested in private schemes face challenges as inflation outstrips their modest yearly increase, eroding the value of their lifetime savings.
I am concerned about the potential impact of trends in inflation on pensioners' living standards, especially for those with private pensions whose financial planning is being undermined by high inflation. What steps will you take to prevent the erosion in value of private pensions and mitigate the problem of investment growth not being passed on to pension holders?
The Chancellor launched a landmark pensions review in July, which is being led by me. The review aims to boost returns for future pensioners so they get better returns similar to those seen in Australia and Canada, and also to increase investment in the UK economy.
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Assessment & feedback
The specific steps to prevent erosion of private pensions' value due to inflation were not addressed
Response accuracy
Q2
Direct Answer
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Context
The question arises from the need to understand the government's stance and measures regarding the impact of high inflation on pensioners' income and living standards, particularly for those relying on state pensions.
What assessment has been made of the potential impact of trends in inflation on pensioners' living standards? This is especially relevant given that many have saved their hard-earned money into private schemes but now face the reality of inflation outstripping their modest yearly increase, thereby eroding the value of their savings.
Due to the Government's steadfast commitment to the triple lock, pensioners will see an above-inflation increase of 4.1% in their state pension next year, which means that they will be up to £470 better off—and, over the course of this Parliament, over £1,900 better off.
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Assessment & feedback
Response accuracy
Q2
Direct Answer
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Context
The question arises from the need to understand the government's stance and measures regarding the impact of high inflation on pensioners' income and living standards, particularly for those relying on state pensions.
What assessment has been made of the potential impact of trends in inflation on pensioners' living standards? This is especially relevant given that many have saved their hard-earned money into private schemes but now face the reality of inflation outstripping their modest yearly increase, thereby eroding the value of their savings.
Due to the Government's steadfast commitment to the triple lock, pensioners will see an above-inflation increase of 4.1% in their state pension next year, which means that they will be up to £470 better off—and, over the course of this Parliament, over £1,900 better off.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The concern is about the poorest pensioners who are eligible for but do not claim pension credit, missing out on essential support. The question addresses means-testing and its effectiveness in reaching those truly in need, specifically noting that many miss out on passported support by being a few pounds above the threshold.
The poorest pensioners in our society are those who are eligible for pension credit but do not claim it, and those who are just a few pounds above the threshold and miss out on passported support. Given that means-testing is inherently limited, will the Minister reconsider the recent decision to means-test the winter fuel allowance?
We will not reconsider that decision due to the £22 billion fiscal deficit inherited from the previous Conservative government, but I remind people they have until Saturday to claim pension credit which can be backdated and passport them to winter fuel payments and other related benefits.
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Assessment & feedback
The specific reconsideration of means-testing the winter fuel allowance was not addressed directly
Response accuracy
Q3
Partial Answer
▸
Context
The concern is about the poorest pensioners who are eligible for but do not claim pension credit, missing out on essential support. The question addresses means-testing and its effectiveness in reaching those truly in need, specifically noting that many miss out on passported support by being a few pounds above the threshold.
The poorest pensioners in our society are those who are eligible for pension credit but do not claim it, and those who are just a few pounds above the threshold and miss out on passported support. Given that means-testing is inherently limited, will the Minister reconsider the recent decision to means-test the winter fuel allowance?
We will not reconsider that decision due to the £22 billion fiscal deficit inherited from the previous Conservative government, but I remind people they have until Saturday to claim pension credit which can be backdated and passport them to winter fuel payments and other related benefits.
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Assessment & feedback
The specific reconsideration of means-testing the winter fuel allowance was not addressed directly
Response accuracy