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Investigating the triggers into claiming pension credit
- Authors:
- BHATTACHARY Darren, SLADE Zoe
- Publisher:
- Great Britain. Department for Work and Pensions
- Publication year:
- 2012
- Pagination:
- 63p.
- Place of publication:
- London
This research investigated the events that act as a trigger to thinking about, making enquiries about or claiming Pension Credit for existing pensioners. The research involved 55 qualitative depth interviews with pensioners in ten areas of the United Kingdom (UK). Interviews lasted for approximately 30 minutes and were audio recorded, transcribed and analysed. Pensioners’ awareness of and their perceived need for Pension Credit had an impact upon the customer journey. Four distinct segments emerged based upon these two factors. There were those not comfortable discussing financial matters, other than with close family. They had low awareness and low perceived need of Pension Credit. They had low awareness but a high perceived need of Pension Credit. Those that thought they had enough money to ‘survive on’ and thought they would be ineligible. They had high awareness and a low perceived need of Pension Credit. The most financially vulnerable group were too proud to get additional support – viewing Pension Credit as a handout. They had a high awareness of and a high perceived need for Pension Credit.
Working beyond the state pension age in the United Kingdom: the role of working time flexibility and the effects on the home
- Authors:
- CEBULLA Andreas, BUTT Sarah, LYON Nick
- Journal article citation:
- Ageing and Society, 27(6), November 2007, pp.849-867.
- Publisher:
- Cambridge University Press
The present and future security of employee-pension funding remains at the forefront of public debate across Europe and beyond. In the United Kingdom, to finance future pension entitlements it has been suggested that the state pension age be increased. This paper presents the results of analyses of four major national social surveys that have explored the working and living conditions of workers in paid employment after the state pension age. Comparing the circumstances of these workers with workers just below that age illustrates the extent to which it constitutes a break in the working and domestic lives of older people. The findings suggest that, in order to accommodate older workers in the workplace, more attention may need to be placed on informal as well as contractual arrangements of flexible working. Beyond part-time working, older workers rarely take up additional or alternative flexible working arrangements. At the same time, older workers continue to experience housework as burdensome, while in partnered households the gendered division of domestic labour prevails. Research and policy have yet to consider in depth these risks associated with working longer in life.
Minding the money: carers and the management of financial assets in later life: report of a scoping study
- Authors:
- ARKSEY Hilary, et al
- Publisher:
- University of York. Social Policy Research Unit
- Publication year:
- 2006
- Pagination:
- 84p., bibliog.
- Place of publication:
- York
Growing numbers of older people need help managing their finances. Longer life expectancy is leading to increases in physical and cognitive impairments that can affect individuals’ capacity to manage their own affairs. Difficulties range from mobility problems that make it hard to get to a bank or post office, to severe dementia requiring another person to take responsibility for all financial matters. As close relatives and friends are the main source of support, they are most likely to help older people with financial management. At the same time, older people’s financial resources are increasingly complex. Growing proportions of post-retirement incomes are derived from occupational pensions and private investments, or claimed through benefits and tax credits. Most people now entering older age also have substantial housing wealth. Difficult decisions may be required concerning investments and savings in later life: converting capital to income; property maintenance and insurance; and equity release through reverse mortgage or downsizing accommodation. These decisions take place in the context of diverse legal and institutional arrangements governing taxation, social security, pensions, and social care charges.
Poverty in later life
- Author:
- AGE UK
- Publisher:
- Age UK
- Publication year:
- 2021
- Pagination:
- 11
- Place of publication:
- London
This briefing looks at levels of pensioner poverty in the UK, changes over time, groups at greatest risk and considers what life is like for older people living on a low income. Key points include: although poverty levels are lower than they were 20 years ago, the latest figures show 2.1 million (18 per cent) of pensioners in the UK live in poverty; rates have risen since 2013-14 when 1.6 million (14 per cent) lived in poverty; some groups are at particular risk – 38 per cent of private tenants and 36 per cent of social rented sector tenants, live in poverty compared to 14 per cent of older people who own their home outright and 33 per cent of Asian or Asian British pensioners and 30 per cent of Black or Black British pensioners, are in poverty compared to 16 per cent of White pensioners; financial disadvantage is not just about income coming in – it is harder to manage on a modest income when people have extra costs, for example due to disability or care needs or if heating bills are high because they live in a cold, poorly insulated home; the Government should set out a clear reform programme, in partnership with third sector organisations and others, to abolish poverty in later life; in an ideal world, the State Pension system should provide an income sufficient to cover basic needs, and everyone would have opportunities to build up additional private incomes which would allow a comfortable retirement; however, there is a long way to go to achieve this aim and, in the meantime, far more needs to be done to increase the take-up of benefit entitlements. (Edited publisher abstract)
Financing later life: why financial capability agendas may be problematic
- Author:
- PRICE Debora Janet
- Journal article citation:
- Working with Older People, 19(1), 2015, pp.41-48.
- Publisher:
- Emerald
Purpose: The purpose of this paper is to examine the language and cultural assumptions that government uses when proposing policy reforms for the financing of later life, especially in promoting the financial capability of citizens. The author asks what the implications of this political construction are for society. Design/methodology/approach: The author examines UK government policy documents from the foundation of the Financial Services Authority in 1997 until 2013. The author analyses these documents to understand the discourses of government for the financing of later life, how powerful these discourses are, and what influence they have on policy and society. Findings: The paper shows that the government considers the promotion of the financial capability agenda to be a solution to structural problems in the provision of old age welfare. By controlling the discourse, non-market-based discussions of welfare are closed and any need for examination of the structural causes of inequality in old age is made invisible. The discourse prevents critique of the individualisation of risk and market provided welfare and service delivery, and failures of policy become the failures of individuals as both consumers and regulators. Originality/value: The financial capability agenda sounds so sensible and has enrolled so many different organisations in its delivery that it is rare to reflect on the cultural and political assumptions that lie behind these discourses. When these are analysed, the author observes that individualised discourses surrounding money and welfare in later life are so powerful that more collective solutions to issues of financial welfare are closed off from public debate and discussion. (Publisher abstract)
A rewarding retirement: notes from an assembly of older BME people
- Author:
- MAWHINNEY Phil
- Journal article citation:
- Runnymede Bulletin, 368, Winter 2011, pp.9-10.
- Publisher:
- Runnymede Trust
As part of a 3-year programme of research into financial inclusion and older BME people, Runnymede brought together 50 older people from a range of ethnic backgrounds to share their knowledge and concerns on retirement. This article provides an overview of some of the issues, which include: poverty; the issue of not being eligible for a full state pension when returning to their country of birth on retirement; and the concern felt for younger generations facing high rates of unemployment.
Understanding older people's experiences of poverty and material deprivation
- Authors:
- DOMINY Nicola, KEMPSON Elaine
- Publisher:
- Corporate Document Services; Great Britain. Department for Work and Pensions
- Publication year:
- 2006
- Pagination:
- 87p., bibliog.
- Place of publication:
- Leeds
The overall aims of the project were to provide an understanding of older people's experiences of poverty and their understanding of a range of indicators used to measure material deprivation. Therefore as well as providing a rich description of older people's saving and spending habits it also sought to understand how they interpreted material deprivation indicators. It was based on indepth interviews and focus groups and was undertaken by the Personal Finance Research Centre at the University of Bristol. Readers are recommended to also consult another DWP report published at the same time: Are Poor Pensioner Deprived? Undertaken by the University of Essex, it focuses on secondary analysis of material deprivation data.
Low-income retirees, financial position and wellbeing
- Authors:
- PARRY Will, LLOYD James
- Publisher:
- Joseph Rowntree Foundation
- Publication year:
- 2015
- Pagination:
- 4
- Place of publication:
- York
Reports on research to examine the relationship between income, wealth and the experience of retirement of low-income older households. The study analysed data from Wave 6 (2012-13) of the English Longitudinal Study of Ageing (ELSA). It found that different levels of low income, around or below the government's guaranteed minimum income level for older people, do not lead to different experiences of retirement. However it found that non-housing wealth, such as 'buffer savings', are what makes the difference in people's experiences of retirement. Statistically significant relationships were identified between non-housing wealth and older people's experience of retirement in relation to: health and mental wellbeing, participation in leisure activities, participation in the community, and other aspects of life satisfaction. The findings show the importance of 'buffer savings' in supporting the wellbeing of poorer older people and the important role of savings policy in ensuring that as many people as possible enter retirement in possession of buffer savings, in addition to pension savings. (Edited publisher abstract)
Challenges in the new world of pensions
- Author:
- INTERNATIONAL LONGEVITY CENTRE UK
- Publisher:
- International Longevity Centre UK
- Publication year:
- 2014
- Pagination:
- 4
- Place of publication:
- London
This brief explores the challenges posed by recent pension reforms, which have introduced flexibility in the defined contribution arena and opened up income options for retirees by allowing access to more of their savings through changes to flexible drawdown and trivial commutation rules. The state pension has also been overhauled with the introduction of a flat rate state pension of £144-a-week from April 2016 (to those who are eligible). While the reforms have been broadly welcomed they are not a panacea to the problems created by the UK’s ageing population and in fact present new challenges. This brief addresses a number of issues including: people’s underestimation of their longevity; under saving; the possibility that people may leave their pension funds as cash savings; and the need for people to work longer. For each of these challenges, the paper briefly outlines key solutions. (Edited publisher abstract)
Financial resilience in later life
- Author:
- AGE UK
- Publisher:
- Age UK
- Publication year:
- 2014
- Pagination:
- 62
- Place of publication:
- London
This report brings together all of the findings of the Age UK Financial Services Commission, which examined how the financial resilience of older people can be improved, and sets them in the context of the government’s proposed pension reforms. Financial resilience is defined as a mixture of not just financial but also health, social and personal resources that enable older people to thrive over the entire course of their later life and the ability to adapt plans or change arrangements, in response to both changing personal circumstances and wider economic conditions. The first half of this report summarises the emerging themes of the Commission, including decision making and staying in control in older age, and the second half sets out Age UK’s recommendations in relation to the access to good quality information, advice and guidance throughout later life, the offer of financial products and building trust. (Edited publisher abstract)