News
March 2007
Pensioners' Budget
The 2007 Budget has introduced measures that will directly improve conditions for pensioners, these measures include:
Changes to Tax on earnings
From April 2008 people aged 65 will not pay tax on earnings below £8,460,
reducing the number of pensioners who pay tax by 580,000. By April 2011,
no pensioner aged 75 or over will pay any tax on income under £10,000.
Pension Credit increase
Pension Credit will rise from £114 to £130 per week by 2009/10.
Financial Assistance Scheme (FAS) help
The Financial Assistance Scheme (FAS) exists to help people who have lost
their occupational pensions through company insolvency. The Chancellor
has announced that the 125,000 members of the scheme, people who have
lost out through no fault of their own, will receive help from an £8
billion package - up from £2 billion at present.
To find out more about the 2007 Budget visit the HM Treasury website.