There are a number of one-off cost of living and winter payments on the way this year for people on State Pension.
19.09.2023 - 07:25 / dailyrecord.co.uk
Pension experts are urging older people to check the interest rate they currently have on their savings accounts after new research indicated that at least half of retirees could be missing out on hundreds of pounds each year. Pension Bee warns those missing out most are people with an interest rate of three per cent or less.
As high street banks have come under fire for failing to pass on Bank of England base rate rises to savers, new analysis from the leading online pension provider, revealed that the retired generation faces potentially far steeper losses than the rest of the adult population from keeping savings in lower interest accounts.
PensionBee’s research reveals that 42 per cent of British pensioners aged 66 to 80 have substantial cash savings, ranging from £20,000 to over £200,000, after a lifetime of work.
In contrast, a quarter of working age adults in Britain have less than £1,000 in cash savings, with only 17 per cent of this demographic reporting cash balances exceeding £20,000. Only one per cent of working age adults have savings worth £200,000 or more, compared with five per cent of over 65s.
A retiree with a savings balance of £50,000 in an account paying two per cent interest would receive £1,000 in interest after one year. If their cash was held in an account with a five per cent rate, they would receive £2,500 in interest after a year - a difference of £1,500.
However, for a working age adult with £5,000 in savings, the difference between the two per cent account and the five per cent account after a year would be £150 in lost interest (£100 after a year in the 2% account, versus £250 after a year in the 5% account).
Encouragingly, a higher proportion of over-65s reported having best buy interest
There are a number of one-off cost of living and winter payments on the way this year for people on State Pension.
The September Consumer Price Index (CPI) inflation rate will be announced on October 18 and forms part of the Triple Lock policy which is used to determine the annual State Pension uprating. Under the Triple Lock, the State Pension increases each year in line with whichever of these three measures are the highest - average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
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There is a key date this month that everyone claiming their State Pension should be aware of as it could determine how much the contributory benefit will increase next April. The September Consumer Price Index (CPI) inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating.
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State Pension currently provides essential financial support for 12.6 million older people across the country, including more than one million retirees living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is now 66 for both men and women, and have paid at least 10 years of National Insurance contributions.
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