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Debt problems could mount as pensions cut

Debt problems could mount as pensions cut

- Monday, 22 March 2010

A new tax could leave pensioners seeking debt advice with up to £200 a year set to be knocked off their pensions in real terms.

Chancellor of the exchequer Alistair Darling claimed in his pre-Budget speech in December that there would be a 2.5 per cent rise in the state pension form April.

However, this rise applies only to the basic state pension, leaving in excess of ten million people worse off.

Pensioners who claim the State Earning Related Pension Scheme (SERPS) or the State Second Pensions (S2P), for example, have seen their pensions frozen. As inflation is now at 3.7 per cent, the real value of these pensions has declined.

Michelle Mitchell, charity director of Age Concern and Help the Aged, stressed the need for rises across the board in state pensions to the Telegraph.

"After being hit with huge post-freeze energy bills, many older people will be worrying about whether their pensions will stretch to meet essential costs over the coming months.

"We urge the government to reconsider its decision and extend the uprating to all parts of the state pension," she said.ADNFCR-2300-ID-19680950-ADNFCR
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