Lots of pensioners don't need it.1. I'm doing a Tax Return right now for an 81 year old guy whose interest income just increased on his one building society account from £1,469.20 in 2022/23 to £15,962.78 in 2023/24. His capital savings in that account have increased by £298,733 to £334,696, so half of that is his interest increase.
This year's interest just on last year's interest will be £640.
2. I don't believe that 44% of pensioners have no savings, but even if that were true then why have they not saved anything at all over their working life? If 4 in 9 of today's younger generation manage to save nothing but live to be 90 then society will be f***ed.
One of the best things David Cameron ever did was introduce Auto-Enrolment in 2012. Mandatory saving for pensions via PAYE should have come in long before then, and this is one of the reasons why many of today's elderly have no non-state pension.
3. I totally believe that the WFP should be means tested but it has been given out to every pensioner for far too long, and it is just wrong to give a benefit to those who don't need it. There was no massive outcry when Child Benefit started to be withdrawn for those earning over £50K, and - indeed - I think there's an argument for going lower.
I spoke to a client yesterday who just reached pension age, I joked that his timing was shocking re WFP payment and he admitted he didn't need it, was glad it was going for people with his income and resources, and it would have been morally wrong if he'd received it.
Let's say that 90% of those losing the payment don't need it. That leaves 10% who do. That's 1,000,000 people.
95% don't need it, maybe? 500,000 still will.
You're clearly good with numeracy so will understand that a small percentage of a large number can still be quite a large number.
Most rational, reasonable people understand that the removal of the allowance from many pensioners is a pragmatic thing to do, and the money could be better spent elsewhere.
The problem is the line that defines the haves and the have nots has been drawn in the wrong place. It's either clumsy, lazy, stupid or just downright cruel.
People will die because of this policy as currently implemented - it's as simple as that. We don't abandon people just because they've had the misfortune to arrive at old age in less than rude financial health.