Pension Credit: Expenditure
The question
To ask the Secretary of State for Work and Pensions, if she will make an estimate of the cost of new sign ups for Pension Credit between July and December 2024.
Answered by Torsten Bell
The latest data on Pension Credit applications and awards covers the period between 1 April 2024 and 17 November 2024 and is available here: Pension Credit applications and awards: November 2024 - GOV.UK. In the 16 weeks since the announcement on 29 July to means-test Winter Fuel Payment (which is up to and including end of week beginning 11 November), the Department received around 150,000 Pension Credit claims. The Department does not yet have an estimate of the value of these claims.
However, the Department estimates that the legislation to means-test Winter Fuel Payments would generate a saving of £1.3 billion in England and Wales for 2024/25. An estimated increase in Pension Credit take-up of five percentage points would reduce the overall saving by £0.3 billion in 2024-25 in England and Wales, but there is significant uncertainty around this element of the costing. For further details, please see: Economic and fiscal outlook – CP 1169.
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