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Response to OECD pensions report

By: Age UK
Published on 05 December 2017 05:10 PM

Age UK responds to OECD pensions report out today.

Caroline Abrahams, Charity Director at Age UK, said:

'Today's report from the OECD highlights some very real concerns about the retirement prospects for so many in the UK and should serve as a wake-up call to the government to introduce policies to protect future pensioners.

'With one in six pensioners (around 1.9 million) currently living in poverty in this country – let alone the many thousands more who are struggling on a low income just above this threshold – the Government clearly needs to do far more. Unless action is taken quickly, poverty among the older generation will continue to escalate, undermining all of the progress that has been made in recent years following the introduction of measures such as the pension credit and triple lock.

'There are clearly huge variations in the wealth and health of the UK's older population and life can be very unfair on those with low lifetime earnings. We remain very concerned that the UK pensions system is still not equipped to take care of our ageing population.

'Given the current situation, the State Pension undoubtedly remains a vital tool in the fight against pensioner poverty, giving millions of older people a small element of financial security in an increasingly uncertain world. But the Government must look at how auto enrolment into workplace pensions can work with the State Pension to deliver a decent standard of living in retirement for everyone.'

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Last updated: May 26 2022

-- Ends --

Notes to editors:

A copy of Age UK's 'It Doesn't Add Up' campaign report can be found here

[i] Age UK. February 2022. Research briefing: Estimating the impact of the April 2022 energy price cap rise on older households in England. Age UK [Online]. Available at: https://www.ageuk.org.uk/globalassets/age-uk/documents/reports-and-publications/reports-and-briefings/safe-at-home/estimating-the-impact-of-the-april-2022-energy-price-cap-rise-on-older-households-in-england.pdf.

[ii] Age UK. May 2022. Research Briefing: Estimating the impact of rising prices on older households in the UK in 2022-23. Age UK [Online]. Available at https://www.ageuk.org.uk/globalassets/age-uk/documents/reports-and-publications/reports-and-briefings/safe-at-home/estimating-the-impact-of-rising-prices-on-older-households-in-the-uk-in-2022-23-may-2022.pdf.

[iii] Older households are defined as households with at least one person aged 60 or over.

[iv] ‘Over the next year’ refers to 2022/23.

[v] The snapshot survey was carried out online.

[vi] Those in receipt of Pension Credit, which can be backdated for three months and tops up the weekly income of a single pensioner to £182.60 or a pensioner couple to £278.70, (or higher in some circumstances) could also be entitled to the following:

  • A Cold Weather Payment of £25, paid automatically when the average temperature is 0°C or below over seven consecutive days
  • £140 off electricity bill thorough the Warm Home Discount Scheme, if eligible
  • A free TV licence (if also over-75)
  • Free NHS dental treatment and help towards the cost of glasses and travel to hospital
  • Help with Council Tax
  • Help with rent
  • Cheaper phone and home broadband deals
  • Reduced water bills
  • An extra amount of Pension Credit for some carers worth up to £38.85 a week.

Age UK

We work with our national partners, Age Scotland, Age Cymru and Age NI and our local Age UK partners in England (together the Age UK Family). We also work internationally for people in later life as a member of the DEC and with our sister charity Help Age International.

Age UK believes that everyone should have the opportunity to make the most of later life, whatever their circumstances. We provide free information, advice and support to over six million people; commercial products and services to over one million customers; and research and campaign on the issues that matter to people in later life. Our work focuses on five key areas: money matters, health and well-being, home and care, work and training and leisure and lifestyle.

Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and company number 6825798). Age Concern England and Help the Aged (both registered charities), and their trading and other associated companies merged on the 1st April 2009. Together they have formed the Age UK Group ("we"). Charitable services are offered through Age UK and commercial products are offered by the Charity's trading companies, which donate their net profits to Age UK (the Charity).

For more information

Contact the Age UK Media team on 020 3033 1430 during office hours (Mon-Fri 08:30-17:30) or for out-of-hours media support please email media@ageuk.org.uk 

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