We want to see a world where everyone in later life has enough money.
There are 1.6 million older people living in poverty or severe poverty in the UK and one million more only just above the poverty line. Despite this, an estimated £3.7 billion of income-related benefits are unclaimed by pensioners in the UK every year. Poverty in later life can mean a miserable existence, leading to ill health and isolation.
Visit our Money Matters pages for financial help and advice
What we do
We help put money in people’s pockets by identifying millions of pounds of benefits they’re entitled to, campaign for better pensions by calling for government action to tackle pensioner poverty and, through our information and advice, enable people in later life to make the most of their money.
Read our advice on savings and debt
Our work today
In 2014/15, together with our local and national partners, Age UK helped older people identify £183 million in unclaimed benefits. This was 14% above our target for the year.
Our research shows that older people spent the money on essential items such as food, paying utility bills and getting practical help at home.
Find out what benefits you could be entitled to
Working for a better pension system
From April 2015, new changes came into force that give people over 55 with a defined contribution pension greater freedom in how they can access their pension pots – the money they have built up during their working life. They are no longer restricted to simply buying an annuity, but have a number of other options.
We have communicated regularly with the Government and the pensions industry to influence the implementation of the reforms. This is particularly in relation to people with small and modest savings, who have not always been well-served by the industry in the past.
Get information and advice on pensions and retirement
Improving older people's finances
We established the Financial Services Commission in 2013 to explore how the financial resilience of older people could be improved. We engaged with more than 150 senior people from across the financial services sector.
In June 2014 the Commission set out key recommendations in the Financial Services Commission’s report ‘Financial resilience in later life’. It called for the financial services sector, government and regulators to improve financial products and information, guidance and advice given to consumers approaching and in later life. We were pleased that Steve Webb MP, the then Pensions Minister, spoke at the event to launch the report.
Supporting incomes in poorer countries
We helped set up or improve social protection and pension schemes in 20 low and middle-income countries, an increase of 15 compared to our target.
Our plans for 2015/16
- We will promote benefit take-up campaigns and, together with our partners, we will help older people identify more than £165 million in unclaimed benefits.
- We will influence the introduction of the Government’s pension reforms to ensure that they support, rather than harm, financial resilience.
- We will work to ensure that the recommendations of the Financial Services Commission are implemented by the industry, government and regulators.
- We will raise awareness of the prevalence and effect of scams and support those affected.
- We will support over 1 million older people to receive a non-contributory social pension for the first time across eight countries.
Together we can help older people make the most of later life