UK - The Pensions Policy Institute (PPI) has released its latest projections of future eligibility for means tested benefits, showing some considerable changes from last year.
The main conclusions of the report were that the proportion of pensioners receiving pensions credit in 2050 would fall slightly from 45%, as predicted in last year's report, to 40%. Similarly, projections on those receiving housing benefit or council tax credit were also projected to fall from 20% in 2005 to 15% and from 55% to 40% respectively.
Chris Curry, one of the reports authors, told Global Pensions that under the new calculations, roughly half of all pensioners would be eligible for one of the three benefits in 2050, although he also added this proportion was a decrease of about 10% on current levels.
The reason for this is the expected rise on the number of pensioners in 2050. While there may be more people claiming one or more form of means tested benefit in retirement, the overall rise of retirees may mask the underlying number. He also commented on the inherent difficulties of projecting so far ahead into the future.
Previous versions of the report have formed part of the legislative process, with last years edition being influential in the assumptions behind the creation of personal accounts in 2012 as part of the Pensions Bill 2007.
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