UK's budget offers 'nothing for pensioners'

There was no good news for pensioners or savers in yesterday’s (March 24th) Budget in the UK, according to one expert.

Independent policy advisor Dr Ros Altmann said apart from extending the higher winter fuel allowance, Alistair Darling revealed little that will benefit the UK’s older population.

The expert said: "A radical reform of the pension saving system and of the state pension could … really reform the future of our nation.

"A review of the default retirement age has already been announced – but it should have been scrapped long ago to enable people to keep working if they want or need to, to make up for the inadequacy of pension incomes and to recognise longer life expectancies."

Concerns about the lack of pension benefits announced in the Budget could lead to a rise in the number of people looking into additional ways of funding their retirements.

Schemes such as equity release can provide homeowners with a welcome cash boost with funds taken from the value of their house.