Pensioner ‘millionaires’ rise to 3 million as triple lock increase questioned | Personal Finance | Finance


New analysis of Government data has shown the rising number of wealthy over 65s throughout the UK. In 2008/2010, there were 846,000 over 65s recorded as living in households with over £1million in housing and pension assets.

However, just a decade on, and this picture has drastically transformed.

Now, there are a total of 3,137,000 over 65s who live in millionaire households.

According to analysis undertaken by the Intergenerational Foundation, the number has more than tripled, nearly quadrupling.

The IF looked at the latest data released by the Office for National Statistics’ Wealth and Assets Survey.

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The Foundation has instead pointed towards potentially increasing Pension Credit for low income older people.

Pension Credit is a payment designed to top up weekly income to £182.60 for single people, and £278.70 for couples.

It also serves as a “gateway” to other forms of support, including a free TV licence for over 75s, housing support and help with healthcare costs.

Some may even get extra help if they are a carer, severely disabled or responsible for a child or young person.

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Applications can be started up to four months before a person reaches state pension age.

Individuals can apply any time after they reach state pension age but their application can only be backdated by three months.

This means they can get up to three months of Pension Credit in their first payment if they were eligible during that time.

A Government spokesperson previously told “Pension Credit take-up is now at its highest level since 2010, and the full yearly amount of the basic state pension is now over £2,300 higher than it was in 2010, with 400,000 fewer pensioners in absolute poverty after housing costs in 2020/21 than in 2009/10.

“We are committed to ensuring pensioners receive all the benefits to which they are entitled and we continue to work with stakeholders to increase awareness of Pension Credit and the wide range of other benefits it can provide; including, Warm Home Discount, Housing Benefit and Council Tax reduction schemes, as well as a free TV licence for those over 75.”

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