Challenges for the means-tested benefit system for older people

The means-tested benefit system provides important support to low-income households both before and after state pension age. It is significantly more generous for those above the state pension age, but as the state pension age rises, people will have to wait longer before they can access it. And above state pension age, a key issue remains the low take up of Pension Credit. 

At this launch event of the latest Pensions Review report, we set out new research highlighting the key issues with the means-tested benefit system in the run up to, and above, state pension age. We provided new analysis of options available to policymakers concerned by these issues.  

This new report is being published as part of the Pensions Review - led by the Institute for Fiscal Studies and in partnership with the abrdn Financial Fairness Trust - which is a multi-year project reviewing the future of financial security in retirement. 

At this online event, IFS researchers presented their findings from the report, followed by a response from Deven Ghelani, Director of Policy in Practice, and Stephen Brien, Chair of the Social Security Advisory Committee and formerly Director of Policy at the Legatum Institute and an advisor to the Department for Work and Pensions between 2010-2013.