Thank you to all those who have contacted me about support for pensioners.

I note that it has been a longstanding policy, under successive administrations, that benefits such as the State Pension count as income for tax purposes. For this financial year, the tax-free Personal Allowance is currently set at £12,570. This means that pensioners whose sole income is the new State Pension or basic State Pension do not pay any Income Tax.

I do not support lowering the retirement age to 60. However, I believe in the triple lock and want to see it continue.

I am also concerned that one in five pensioners continues to live in poverty. In my view, this shows the importance of Pension Credit, which is intended to provide support for pensioners on very modest incomes. I note that a former Pensions Minister, speaking in October 2022, conceded that take up of Pension Credit had been too low under the previous Government. I believe it is wrong that so many pensioners on lower incomes are missing out on this vital financial help. I support action to make people aware of Pension Credit and to encourage greater take-up of it.

More widely, I want to see a review to consider what further steps are needed to improve security in retirement, as well as to increase productive investment in the UK economy so as to deliver better outcomes for both savers and pensioners alike.

Thank you once again to all those who have contacted me on this matter.