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A fair society is one that guarantees security for people in their old age. The Government is committed to developing policies which enable pensioners to share in the country’s rising prosperity and which tackle pensioner poverty.
This means:
Offering extra financial support to the poorest and most vulnerable pensioners through the Pension Credit. At a cost of over £2 billion in its first full year, Pension Credit guarantees a minimum income and a reward for today’s low and modest income pensioners who have saved for their retirement;
Helping all pensioners by raising the annual basic state pension by over £100 for a single pensioner (over £160 for couples) from April 2003 and setting the winter fuel payment at £200 for the Parliament; with an extra payment of £100 for households with someone aged 80 or over;
Extending to 52 weeks the period over which all pensioners in hospital receive their full state pension;
Raising age-related personal allowances above inflation from April 2003 to ensure that no pensioner aged 65 or over pays tax on income of less than £127 a week. Age-related personal allowances will be raised at least in line with earnings for the remainder of this Parliament; and
Creating a sustainable system of support which enables today’s workforce – tomorrow’s pensioners – to plan ahead and make decent provision for their retirement, protecting themselves against poverty in the future.
