The Government has today published an impact assessment following its decision to strip mixed-age couples of the right to claim Pension Credit.
The change will come into force from 15 May 2019, at which point both partners in a couple will have to be over state pension age to qualify for Pension Credit.
AJ Bell senior analyst Tom Selby said: “Tens of thousands of mixed-age couples are facing a £1bn hit as a result of the Government’s Pension Credit raid.
“With Pension Credit worth up to £13,273 a year versus £5,986 a year for Universal Credit, at the extreme those affected could be over £7,000 a year worse-off as a result.
“While policymakers can reasonably argue this change has been in the offing since the Welfare Reform Act 2012, that will be little solace to those affected who face a potentially significant retirement income shortfall.
“Anyone who thinks they might be impacted should act now to claim Pension Credit while they still can.”
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