The Government is fully committed to enabling older people to live with the dignity and respect they deserve. In April, the State Pension was increased by 10.1 per cent, in line with inflation. As a result, the full yearly amount of the basic State Pension will be over £3,050 higher, in cash terms, than in 2010.
Regarding your specific concerns, the Secretary of State for Work and Pensions is required by law to undertake an annual review of benefits and the State Pension. The outcome of this review will be announced in the year following the publication of the relevant indices by the Office for National Statistics, with new rates coming into force in April 2024. Additionally, the Government is providing substantial support for pensioners through the welfare system.
At the Autumn Statement 2022, the Government announced a substantial support package for the most vulnerable for 2023/24, including £300 Cost-of-Living Payments for pensioners; £150 for people on disability benefits; and £900 for people on means-tested benefits, including the 1.4 million pensioners currently in receipt of Pension Credit.
Alongside this, all households, including pensioner households, will benefit from the Government’s Energy Price Guarantee (EPG). This guarantee limits the amount consumers can be charged per unit of gas or electricity. The current price guarantee, set at £3,000, will support households until April 2024. Although energy prices are currently below the level at which EPG payments would be made, it will remain in force until the end of March 2024 to protect households from price spikes, putting in place a safety net for the most vulnerable.
Moreover, the Government is providing an additional £1 billion of funding to enable the extension of the Household Support Fund (HSF) this financial year, bringing total funding to £2.5 billion. Since its launch in October 2021, the HSF has issued early 26 million awards to those in need of support.