A paper said that population ageing would reduce the working population relative to the number of pensioners by one-third over the next 30 years. The challenge presented by this development was how best to support pensioners' incomes without suppressing the net incomes of the working population, and capital accumulation, too much.
Source: John Ermisch, Population Ageing: Crisis or Opportunity?, Working Paper 2008-38, Institute for Social and Economic Research/University of Essex (01206 873087)
Links: Working paper
Date: 2008-Dec
A report summarized the result of projects and discussions designed to improve the measurement of material deprivation for older people, by substituting new questions in the Family Resources Survey for those aged 65 or older.
Source: Stephen McKay, Measuring Material Deprivation Among Older People: Methodological study to revise the Family Resources Survey questions, Working Paper 54, Department for Work and Pensions (0113 399 4040)
Links: Working paper
Date: 2008-Oct
A paper examined the inflation experience of older households. Over the whole period between 1977 and 2008, average inflation for pensioners (5.8 per cent) had been virtually the same as that for non-pensioners (5.9 per cent). But recent high inflation – driven by soaring food and energy prices – had affected pensioners more than non-pensioners, with the oldest and poorest hit hardest. The official inflation rate did not always reflect the reality facing many households, particularly pensioner households which tended to spend a much higher proportion of their income on food and energy.
Source: Andrew Leicester, Cormac O'Dea and Zo Oldfield, The Inflation Experience of Older Households, Commentary 106, Institute for Fiscal Studies (web publication only)
Links: Commentary | IFS press release | Age Concern press release | Community Care report
Date: 2008-Oct
An article examined variation in the take-up of pension credit using secondary analysis of the Family Resources Survey 2004/05. The findings raised doubts about the reliability of using benefit receipt in the income domain of the index of deprivation.
Source: Dominic Richardson and Jonathan Bradshaw, 'Variations in the take-up of pension credit', Benefits, Volume 16 Number 3
Links: Abstract
Date: 2008-Oct
A report said that more than one-half of older people were cutting back on essentials such as heating and food, and that 1 in 10 of the poorest pensioners had been forced into debt by the rising cost of living. One-third of those eligible were still not claiming pension credit – the government's 'flagship benefit' for older people – five years after its introduction, and urgent action was needed to increase take-up.
Source: Flagship or Flagging? The impact of pension credit five years on, Age Concern England (020 8765 7200)
Links: Report | Age Concern press release
Date: 2008-Sep
An article reported a small qualitative study into the effectiveness of a welfare rights advice service for men and women aged 60 or over, provided through a local primary healthcare service. The impact of the additional resources gained as a result was considerable and included: increased affordability of necessities and occasional expenses; increased capacity to cope with emergencies; and reduced stress related to financial worries. Knowledge of and access to welfare rights services also appeared to have a positive effect. A level of material resources above a basic level was necessary for social relations and for accessing services and civic activities, and could reduce social exclusion among older people.
Source: Suzanne Moffatt and Graham Scambler, 'Can welfare-rights advice targeted at older people reduce social exclusion?', Age and Ageing, Volume 28 Number 6
Links: Abstract
Date: 2008-Aug
Researchers found that the cost of living after retirement (from age 65 until death) totalled £413,000 for a typical household, and £326,700 for an individual living alone.
Source: Press release 3 July 2008, Life Trust (020 7839 4321)
Links: Life Trust press release | Guardian report
Date: 2008-Jul
In 2006-07 around two-thirds of pensioner households had private pension income. The average private pension income was £11,059 for pensioner couples, while for single men pensioners it was £6,812, and for single women pensioners it was £5,519. 39 per cent of pensioner couples, 58 per cent of single men pensioners, and 64 per cent of single women pensioners who received private pension income received less than £5,000.
Source: Press release 14 July 2008, Office for National Statistics (0845 601 3034)
Links: ONS press release | Help the Aged press release | Liberal Democrats press release
Date: 2008-Jul
A report presented findings from research with people with defined-contribution pensions at or around the point they were making decisions about retirement and annuitizing their pension fund. It covered their understanding and perceptions of the annuitization process, focusing on the information they received and used.
Source: Sarah Horack, Margaret Watmough, Andrew Wood and Kate Downer, Information Needs at Retirement: Qualitative research focusing on annuitisation decisions, Research Report 515, Department for Work and Pensions (0113 399 4040)
Date: 2008-Jul
An annual report said that the number of children in relative poverty rose by 100,000, to 2.9 million (before housing costs) and 3.9 million (after housing costs), between 2005-06 and 2006-07. The numbers of pensioners in relative poverty rose by 300,000 to 2.5 million (BHC) and by 200,000 (AHC) to 2.1 million in the same period.
Source: Households Below Average Income: An analysis of the income distribution 1994/95-2006/07, Department for Work and Pensions (020 7962 8176)
Links: Report | DWP press release | IFS press release | JRF press release | CPAG press release | ECP press release | Barnardos press release | Save the Children press release | NCH press release | NCB press release | UNICEF UK press release | 4Children press release | Oxfam GB press release | CAP press release | EDCM press release | TUC press release | Help the Aged press release | CRC press release | Liberal Democrats press release (1) | Liberal Democrats press release (2) | Guardian report (1) | Guardian report (2) | Guardian report (3) | Guardian report (4) | BBC report | Telegraph report | Community Care report | FT report
Date: 2008-Jun
An annual report provided estimates and interpretation of trends in the levels and sources of pensioners' incomes, based on two household surveys. Net income for pensioner units grew by 29 per cent in real terms between 1996-97 and 2006-07, whereas average earnings rose by 16 per cent over the same period.
Source: Bansi Modha, James Rees and Jo Semmence (eds.), The Pensioners' Incomes Series 2006-07, Department for Work and Pensions (020 7962 8176)
Links: Report
Date: 2008-Jun
The government responded to a report by a committee of MPs on concessionary travel on public transport.
Source: Ticketing and Concessionary Travel on Public Transport: Government Response to the Committee's Fifth Report, Fourth Special Report (Session 2007-08), HC 708, House of Commons Treasury Select Committee, TSO (0870 600 5522)
Links: Response | MPs report | PTEG press release
Date: 2008-Jun
A report examined the impact that benefits advice could have on the health and well-being of older people. Health services staff felt that links with advice services 'added value', and could also reduce demand for health services.
Source: Neil Bateman, Just What the Doctor Ordered: Welfare benefits advice and healthcare, Age Concern England (020 8765 7200)
Links: Report
Date: 2008-Jun
The government published the latest projections to 2050 of pension credit entitlement under the reformed state pension system, and (for the first time) projections of entitlement by pensioners to housing benefit, council tax benefit, and to any one or more of the three income-related benefits.
Source: Projections of Entitlement to Income Related Benefits to 2050, Department for Work and Pensions (020 7962 8176)
Links: Report
Date: 2008-Jun
Campaigners published a review of literature on the financial abuse of elderly people. Abuse could include: family members forcing individuals to accept lower quality care services in order to preserve funds they expected to inherit; accessing an older person's bank account without their permission; and/or overcharging for simple work around the home.
Source: Gillian Crosby, Angela Clark, Ruth Hayes, Kate Jones and Nat Lievesley, The Financial Abuse of Older People: A review from the literature, Help the Aged (020 7278 1114)
Links: Report | Help the Aged press release
Date: 2008-Apr
A report said that around two-thirds of pensioner households received private pension income in 2005-06: but 40 per cent of pensioner couples, 55 per cent of single men, and 61 per cent of single women pensioners had annual private pension income of less than £1,000.
Source: Pension Trends, Office for National Statistics (web publication only)
Links: Report | ONS press release | FT report | Telegraph report | Liberal Democrats press release
Date: 2008-Apr
An article examined the effects on the recipients of means-tested retirement benefits of reducing the marginal tax rates on private income from 100 per cent to 40 per cent. The policy would encourage the poorest third of all households to both save more and delay retirement, and have the opposite effects on richer households. The policy reform provided a 'reasonable compromise' between the distortions associated with high marginal tax rates and the costs of universal benefits provision.
Source: James Sefton, Justin van de Ven and Martin Weale, 'Means testing retirement benefits: fostering equity or discouraging savings?', Economic Journal, Volume 118 Issue 528
Links: Abstract
Date: 2008-Apr
A study found that 1 in 4 people were approaching state retirement age with outstanding consumer credit commitments, owing four times as much as their counterparts did ten years previously. Unlike borrowers in other age groups, older people used credit cards to cover essentials such as the costs of bills or even to buy food.
Source: Stephen McKay, Elaine Kempson, Adele Atkinson and Mark Crame, Debt and Older People: How age affects attitudes to borrowing, Help the Aged (020 7278 1114)
Links: Report | Summary | Help the Aged press release | Bristol University press release | FT report | Telegraph report
Date: 2008-Mar
An article reported a scoping study which found a lack of systematic information on the role of carers in helping older people manage money and assets. Other findings highlighted the growing importance and complexity of asset management in later life; the information needs of older people and their relatives and friends; and the need for further research.
Source: Hilary Arksey, Anne Corden, Caroline Glendinning and Michael Hirst, 'Managing money in later life: help from relatives and friends', Benefits, Volume 16 Number 1
Links: Abstract
Date: 2008-Feb
The Department for Work and Pensions announced that the Pension Service and the Disability and Carers Service would be brought together into a single agency – the Pension, Disability and Carers Service – from 1 April 2008. Over half the customers of the Disability and Carers Service were also customers of the Pension Service, and the proportion was growing as people lived longer. The new agency would enable a 'better and more seamless service' to be delivered to them.
Source: Press release 22 January 2008, Department for Work and Pensions (020 7712 2171)
Links: DWP press release | Hansard
Date: 2008-Jan
