B

Baroness Sherlock (Lab)

Speaking in the House of Lords on 4 November 2024

Debate

Pension Credit

Contribution

My Lords, when the costings on this policy were done, the Explanatory Memorandum made it clear that the expectation was that it would save £1.3 billion in this financial year and £1.5 billion a year after that. That saving was on the assumption that pension credit would increase by five full percentage points, and it was net of any other DWP benefits that might go with that. Until we exceed that point, the savings are still there. We will not know where this lands until all the claims are in and processed. I simply say, finally, that I want everybody who is eligible for this to claim it. If we end up with more people getting not just the winter fuel payment but the pension credit, that can be worth an awful lot of money. The average pension credit award for a single pensioner is around £72 a week. This is worth having.

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