Rachel Reeves' government aims to cut costs through changes to winter fuel payments for pensioners, yet new analysis reveals projected savings may be overstated due to rising pension credit claims.
The anticipated 1.4bn savings from the controversial cut to winter fuel payments for over 10 million pensioners in England and Wales are now in doubt due to unexpected spikes in pension credit applications.
Since the announcement about cuts to winter fuel payments, applications for pension credit surged by 152%. Over 45,000 more claims have been submitted in just eight weeks.
Research shows that if current trends continue, the number of claims for pension credit could exceed expectations by 158,000 by the deadline, potentially costing an additional 246m.
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