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IFS: Pensioner benefits to rise £12bn in a decade

Pensioner benefits will cost £12bn more in 2019 than they did ten years previous, the director of the Institute for Fiscal Studies claims.

Writing in The Times today, IFS director Paul Johnson says funding defined benefit public sector pensions and the slow rise of the state pension age will cause bills to soar.

He says: “Recent work by my colleagues at the IFS suggests that most people retiring now will be better off in retirement than they were on average over their working lives.

“This is probably the greatest triumph of social policy during my lifetime. But understanding and policy decisions often lag behind facts such as these.

“The continuing “triple lock” on state pensions, so that they rise by whichever is the fastest of prices, earnings or 2.5 per cent, and the continued protection of benefits such as the winter fuel allowance, must be seen in this context.”

Johnson says costs could only be brought under control by cutting benefits and services for older people, increasing taxes, or making cuts to other areas of Government spending.

He adds that middle-aged and retired people have “been spared most of the effects of austerity” following the financial crisis.



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Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.


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There is one comment at the moment, we would love to hear your opinion too.

  1. And so what – this must be set alongside the fact that the UK pays the lowest State Pension in the OECD when measured as a percentage of average salary. We seem to think it more important to spray money (as bribes) in Foreign Aid.

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