The consumer champion vowed to campaign against any future decision to means-test the State Pension.
Martin Lewis has said the State Pension could be means-tested in the future, but it is “unlikely” to happen, but nothing is certain. During this week’s Martin Lewis BBC Podcast, the consumer champion also said that if the State Pension were to be scrapped in the future, it would be a “shocking decision” and he would campaign against it “vociferously”.
State Pension News Martin explained that there are always unknown risks in life, especially when it comes to investing money in your future, but on the topic of means-testing State Pensions he said: “There’s always a chance. Do I think it's likely? No.” Latest DWP News They explained how your State Pension is based on the NI contributions you pay from age 16 to State Pension age - typically, a period of 50 years - so some people may have paid Voluntary Contributions 20/30 years ago for a period in the future.
“The deadline for paying Voluntary Contributions for tax years 2006-April 2018 is April 5, 2025, and these contributions may well be contributing to a State Pension which may not be claimed for another 18-20 years.” “Even with the New State Pension, any NI record prior to April 2016, which includes any contracted out employment, will be incorporated into the calculation of the New State Pension up to April 5, 2016 when the New State Pension started.”The former employee also said means-tested benefits such as Pension Credit, involve claimants having to contact the DWP to report changes which might affect their income and in turn, their entitlement.
“To mention means-testing the State Pension may cause concern for some people, particularly when their State Pension may be their main source of income, but for the reasons mentioned above, it is highly unlikely that the government would be actually able to means-test it.”
State Pension Benefits DWP UK Government Retirement Personal Finance Pensions
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