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&#39Pensioners are better off with credit&#39

The Treasury has hit back at claims that the pension credit disadvantages savers, saying pensioners are better off than they were under the minimum income guarantee.

It has revealed under the minimum income guarantee – which preceded pension credit – around 1.8 million pensioners faced a 100 per cent reduction in benefits for any pensions or savings they had built up.

Under the pension credit, around 940,000 of these households lost 100 per cent of benefits while 860,000 saw a loss of between 40 and 100 per cent because of savings.

Central Financial Planning director Ian Smith says: “It is virtually impossible to plan around the pension credit and means&#39 testing and, even if you can work out your client&#39s present situation, it does not mean it will be the same when they come to retire.”

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