Pensions & Savings

Thank you for contacting me about elderly people.

This Government is committed to looking after people as they grow older. I believe that if you have worked hard during your life, saved, paid your taxes and done the right thing, you deserve dignity and security when you retire.

I welcome the fact that the Government is continuing to raise the basic State Pension through the triple lock - so it rises by inflation, earnings, or 2.5 per cent, whichever is highest. This will guarantee financial security as people grow older. Next year the basic State Pension will rise by £3.35 to £119.30 a week, the biggest real terms increase to the basic State Pension in 15 years. Taking all of our increases together, over the last 5 years, pensioners will be £1,125 better off a year than they were when we came to office. What's more, all the current pensioner benefits, including Winter Fuel Payments, free bus passes, free prescriptions and TV licences will be maintained.

The ability to pass on your money to your loved ones is also very important. I am pleased that ISAs can be passed on to a spouse tax-free. Changes to the effective Inheritance Tax threshold is also welcome, as it has allowed people to pass on more of their income to future generations.

Ensuring that people can grow old in comfort and dignity is also a priority. I fully support the Government in guaranteeing that people will not have to sell their homes to fund residential social care, through introducing a cap on these costs. A civilised and prosperous society like ours should support its elderly citizens, and I hope that you feel, as I do, that this is at the heart of the Government's plans.

Thank you again for taking the time to contact me.