Member

Any pensions debate, including on linking this to funding for retirement, would not be complete without mentioning pension credit and the winter fuel allowance. This subject continues to be a high-profile running story in the press, stretching back at least two months. Contrary to what the Government think, pensioners are not well off compared with those in other developed countries. According to the OECD in 2021, the typical disposable income for a UK pensioner was £17,656—that is below Italy, France, Germany and the US. The UK spends just 5.1% of its GDP on old-age pensions, which is below the US at 7.1%. What are the latest figures for the uptake of pension credit? By the way, we all want the 288,000 or so who are not claiming it to claim. What is the cost to the Treasury of the latest uptake? How is this therefore impacting the proposed saving of £1.4 billion, which the removal of the winter fuel allowance is meant to achieve? The Minister will not be able to say what is in the Budget—I will not push her on that—but she can give a view on what mitigations could be put in place regarding this ill-judged policy.