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New benefit regulations could save pensioners from debt

New benefit regulations could save pensioners from debt

- Tuesday, 3 November 2009

A larger proportion of UK pensioners could avoid future debt problems as a result of changes to the pension benefit scheme.

New rules will see pensioners' credit entitlement remain unaffected for the first £10,000 of savings, an increase of £4,000 from the previous threshold of £6,000.

As such, the amount of money distributed to those people with slightly higher savings will increase, staving off potential debt problems further down the line when savings run out.

Andrew Harrop, head of policy at Age Concern and Help the Aged, welcomed the changes to benefit legislation.

He commented: "The changes to the way income from savings is worked out are good news for hundreds of thousands of older people who can certainly do with a small top-up to their weekly income."

The scheme is widely expected to benefit hundreds of thousands of elderly UK citizens.

The UK's default retirement age is set to be reviewed by the government next year.
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