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Age Concern calls for savings changes

Age Concern has called on the government to reduce deductions from the benefits of older people with savings. At the moment they lose £1 a week off their pension credit for every £500 saved up over a limit of £6,000, which equates to 10.4% annual interest. This figure was worked out several years ago, but with the average savings interest rate down to around 1% a revision has been called for.

The charity wants the limit raised and the weekly deduction halved to keep in line with current interest rates.

The government responded by stating that 80% of people on pension credit have no deduction from their savings.

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