What good is a pension?

Well now the increase is now known. The council tax rebate does not come my way as I am in band F. I am not on benefits, so no help there. No Warm home Discount for me either.
It appears that the Chancellor thinks that because the value of my house has risen at a silly rate, that so has my pension. He forgets that the Manifest promise of the guaranteed triple lock was abandoned , temporarily he says??
Bulb recommend that under the current pricing I should be paying £328 per month.
With the latest news presumably it will now be £505 per month, plus any increase in the standing charge? Presumably in April we will be informed of the outcome of the Bulb administration . I can only express my fear of being transferred to British Gas or their ilk. With my 80th year approaching fast, I think I will consider moving to warmer climes.

Hi @Beanbag :wave:

Thanks for getting in touch.

I understand that the recent news of the price cap increase is worrying and the prospect of having to increase your monthly payment is not a nice one. We’ll do everything we can to try and keep the cost of energy as low as possible for all of our members.

If you haven’t seen it already, we have released a blog post where we speak about the price cap changes and what that means for our members, so that’s worth having a look through. It includes all of the available help that we currently offer, if you are worried about paying for your energy in the future.

While we are in special administration, we don’t currently have any plans to move our members over to a new supplier. Of course this may change in the future depending on various factors, but we’ll be sure to keep everyone informed if we make any decisions.

-Luke :bulb:

Thanks Luke, I must admit that after delving into the Ofgen data it appears that the biggest hike in prices is for gas. This equates to a lower increase for electricity than the 54% being talked about. So a bit more breathing room. I will follow your blog with interest

Be aware that, if you leave the UK, your pension will be frozen, i.e. no further increases in the amount you receive.
Why not downsize instead?

Hi beanbag , There are places on line (websites) that you can make sure that you are claiming all the benefits you are entitled too . You could apply for pension credit or a council tax reduction if you have some health issues . Any benefit is always better than nothing . You should be entitled to a pension benefit/credit given your age . You could try ringing age UK or look at there on line website . Look at Martin Lewis money saving website on line . He has lots of advice there for pensioners . You can also look at government social security websites or citizen’s advice on line or ring them up . Hope this helps you out . Good luck :+1:

Thanks for your thoughts, but it seems that I miss out on all of them. Even my house is outside the A-D band, largely because it has gone up in value at an astonishing rate. Having lived here for more than 30 years, I find myself Asset Rich, but Cash Poor along with many others who are also in this trap. The thoughts of a drawdown against value fill me with horror, it appears that the drawdown debt amount doubles in what you owe them every 7 years. The animal charities that I support and that will benefit from my estate deserve more than that , so I will grit my teeth.
My comment about moving abroad was flippant and not really considered. I feel sorry for those starting out with this problem , much worse than ending with it!

Hi bean bag , I don’t think a drawdown loan against your home is a good idea . It would only make you worry . Definitely , I would not do that . The website age UK is a good website for elderly people who need advice on any subject when elderly people need help . Put age UK in the search bar on your computer and a list will come up for the website . You can look at that website for help . They also have a telephone number you can ring for advice on benefits such as pension credit and council tax reduction . They will even help you fill the forms in if you need help with it . Citizens advice is good for help as well .Again put citizens advice in the search bar and the website will come up . If you put into the search bar on your computer " How to claim pension credit " a list will come up on which you can look at and apply directly . There is the government one that appears there as well . Even if you think you would not get the benefit it’s still worth applying for given your age . My mom is 85 year of age and she gets it . So don’t be shy or afraid . Give it ago and see what happens . Once you have done the form and get the extra help you will be happier knowing help is always at hand . Computers are a powerful tools in this complex world . Use your computer and take advantage of what it can do for you . There is plenty of help online and it’s just a matter of finding the correct place or website to go to . I hope this helps you out . Go on give it ago . You have nothing to lose and everything to gain . You are entitled to apply and or ask for advice given your age .Good luck

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hi bean bag . There are 2 age UK . The one you are thinking about is a loan shark company . The one I am thinking about is an organisation that gives advice on anything that elderly people need . I did not mean for you to have a loan at all . The only thing I wanted to help you with is advice from the proper advice people which is age UK . Sorry if I confused you . I forgot about the loan shark company and I got a bit confused with your reply until I remembered the loan shark company . Please make sure you go to the correct website for age UK advice for elderly people when you type it into the search bar . Good luck :+1:

Thanks for your advice . Appreciated​:grinning::grinning:

I hope you can get some help from pension credit or advice from age uk . Thanks for the reply :grinning:

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