Latest news with #AgeUK
BBC News
15 hours ago
- General
- BBC News
Age UK volunteer appeal to help combat loneliness in Sussex
A charity in Sussex is urging people to give up their spare time to help combat loneliness among the UK West Sussex, Brighton and Hove says it in "desperate need" of help and has launched an appeal to coincide with Volunteers Week, running from 2 to 8 charity says it is particularly keen for people who can visit elderly people in their homes, but it also has café, reception, kitchen and activity assistant roles available at its activity Harris, volunteer manager at the charity, said: "Demand is high and we really need to add to our team of incredible volunteers who offer care, comfort and connection. "If you can donate some hours, we'd be so grateful. Volunteering can genuinely change lives, so if you'd consider it, please don't hesitate to get in touch."The charity is also holding a series of events this week to say thank you to its volunteers."Volunteering is fulfilling, interesting and sociable, and it can also help develop transferrable skills that may lead to other employment opportunities," the charity said."All volunteers undertake an induction programme and receive ongoing support and training."There are roughly 25 volunteer roles available.
BBC News
2 days ago
- Business
- BBC News
Milton Keynes charity shop staff devastated by break-in, says CEO
A charity shop has reopened after being forced to close following a "devastating" break-in, said the organisation's chief executive officer. The Age UK Home and Furniture store in Kiln Farm, Milton Keynes, was vandalised and had money taken from its safe on Wednesday night. The charity said staff arrived on Thursday and discovered the premises had been broken into, extensively damaged and money had been taken. Thames Valley Police has launched an investigation, the charity confirmed. Denise Stygal-Watson, chief executive officer at Age UK Milton Keynes, said: "This shop represents so much more than just furniture. "It funds essential services for older people in our community, from befriending visits to dementia support."This break-in is a heartbreaking setback, but we're determined to bounce back."The store opened for business in September and reopened after the burglary on Friday morning. The charity appealed to the public for donations to help its recovery. "Please bear with us - there is currently a temporary entrance in place, and some visible damage remains," Ms Stygal-Watson added. She expected full repairs to the doors and flooring would be "costly and take several weeks to complete". "We've been overwhelmed by messages of support," she added. Follow Beds, Herts and Bucks news on BBC Sounds, Facebook, Instagram and X.
Times
2 days ago
- Business
- Times
Why a mid-retirement MoT can keep you on track
You get your car checked every year, and even the boiler gets a regular service — but when was the last time you gave yourself a money MoT? People are living longer than ever, and while this is a welcome development, it also presents a significant financial challenge: ensuring your pension pot can comfortably last the distance. For many people in their seventies, a mid-retirement MoT has become an essential part of managing their finances. By this stage, people tend to have settled into retirement and have a clear picture of their lifestyle and outgoings. This makes it easier to work out a sustainable rate at which to take money from their pension pot. Only 48 per cent of people aged between 65 and 75 are confident their savings will last their lifetime, according to a report by the insurance company Aviva and the charity Age UK. That's despite the fact that many people underestimate how long they will live. Many people assume that their spending patterns will be consistent through retirement, the survey of 1,000 people found. That's wrong — it is usually 'U-shaped', say experts, with higher initial outgoings, a potential decline in the middle years, and then a resurgence in later life, particularly if there are care costs. Romi Savova from the pension firm PensionBee said: 'Just as regular pension check-ins are essential before retirement, it is important to assess your income and spending once you're in retirement, and especially around the halfway point. 'A mid-retirement MoT is a good way to make sure your savings remain on track, particularly as your lifestyle, spending and health needs may have changed over time.' John Ford has planned meticulously. Ford, 73, has an inflation-linked defined benefit pension — which pays a guaranteed income — and a state pension, which together give him an annual income of about £36,000. He also has £340,000 in a defined contribution (DC) pension — which gives him a retirement income based on how well his investments perform — which he has barely touched. 'I am keeping it for emergencies and future medical bills,' Ford said. 'Last year I paid about £7,000 to remove cataracts at a private clinic as I didn't want to wait for a slot on the NHS. I also need some money to make some repairs to my property near Bristol.' Ford retired from his job as a surveyor in the construction industry in 2017, when he was 65. His wife, Carole, 70, retired four years ago and gets a state pension plus a small defined benefit pension, giving her an annual income of about £15,800. • Flip-flopping is chipping away at our faith in pensions Ford said: 'Luckily we have enough to live a decent lifestyle and our spending has not really changed much since we retired. However, we know we may need money later in life for care bills, which is what the DC pot is for.' Reviewing your finances once a year can help you to identify whether you need to rebalance your investments or make any adjustments to the amount that you are withdrawing, and to check that you are on track with your financial goals. Lucie Spencer from the wealth manager Evelyn Partners said: 'The early years of retirement are usually where most of the non-essential spending happens. For many people this is the first time they have had a substantial pot of money and total freedom to spend it as they wish. 'However, many do not plan for their later years. What will happen if they go into a care home or need support at home? Who will pay the bills if all their funds are spent? Will the state pension be enough to live on if they've exhausted all their savings? Such questions tend to become more pressing from the mid-seventies.' Withdrawing money from your pension is a fine balance — it needs to be enough to provide the lifestyle you want, without depleting your pot so fast that it runs out. A common guideline suggested by experts is to withdraw money at a rate of 4 per cent of the value of your pot per year. The idea is that since the rest is still invested, it should be able to replenish itself in time for the next withdrawal. Fidelity International, the wealth manager, analysed what happened to a £100,000 pension pot after ten years of withdrawals starting at 4 per cent a year and rising by 2 per cent each year to factor in inflation. Its analysis looked at withdrawals starting each year from 1994 to 2014 to see how much the pot would be worth after a decade. Based on a typical portfolio of 60 per cent global shares and 40 per cent in bonds, there were only three years (1999, 2000, and 2001) in which someone could have started taking annual income and been left with a pot worth less after a decade — in all other years the pot's value would have increased, even after ten years of withdrawals. For example, if someone had started making withdrawals of 4 per cent a year in January 2014, the value of their £100,000 pot would have grown to about £154,000 by January 2024. However, if they had started withdrawing in January 2000, the value of their pot would have fallen to £81,319 by January 2010, according to Fidelity's analysis. • Are you on track for your dream retirement? It is important to bear in mind that managing withdrawals can become problematic at times of stock market turmoil. When the market falls, so too does the value of your pot, as many savers experienced during the recent Trump tariff upheaval. Spencer said it was best to avoid withdrawing money at such times as it could mean locking in losses, and make it harder for the value of your pot to recover: 'During retirement if you are drawing down on your pension after a market shock, you could be selling investments at impaired values and that can deliver a serious blow to the longevity of your pot.' It is recommended that you have about a year's worth of spending, including bills, saved in cash which you can use instead during such times, allowing your investments to recover. An alternative to leaving your pot invested is to use some or all of it to buy an annuity, which provides a guaranteed income for life in exchange for a lump sum. Tom Selby from the investment platform AJ Bell said: 'Once you reach your seventies, you may start to consider whether drawdown is still the right option, or if using some of your fund for an annuity could be a good choice.' Life expectancy directly affects annuity rates — the longer you are expected to live, the lower the rate, because the income will have to paid out for a longer period. This means that if you buy an annuity later in life, you could get a higher income. A healthy 75-year-old with a £100,000 lump sum could secure an income of about £10,129 a year, according to the pension firm Just Group. That is about 30 per cent more than the £7,813 a 65-year-old is likely to get. Disclosing health or lifestyle factors that might reduce life expectancy, such as smoking or diabetes, could also mean you get a better rate. Shopping around for the best deal is always advised. Annuities do have drawbacks. The level of income is fixed so you may find it is not enough if your circumstances change, such as needing more money for care costs. You also forgo potential long-term investment growth, and unless you choose a policy that pays out to a surviving spouse, the income dies with you. A concern for older people in retirement is cognitive decline and the associated anxiety with technology, digital accounts, and a general loss of confidence in managing money, especially investments. It is important to arrange for someone to manage your money if you aren't able to do it yourself. 'I recommend all clients have a power of attorney in place in case they do start to lose mental capacity,' Spencer said. • Do I need to update my power of attorney? A lasting power of attorney is an official document that gives someone the authority to manage your financial and medical interests if you are no longer capable. There are two types of power of attorney — ordinary and lasting. The first is used as a temporary measure, for example if you are overseas and cannot do it yourself. The lasting power of attorney comes in two forms — health and welfare, and property and finance. One allows someone to make medical decisions on your behalf, while the other covers your money. It is usually advisable to have both. You can apply for both at the same time and must have them in place while you still have the mental capacity to give someone the authority to act for you. The forms can be downloaded from and each costs £82. You get a 50 per cent discount if your pre-tax income is less than £12,000 a year.
Yahoo
4 days ago
- Business
- Yahoo
Will 700,000 pensioners lose out on PIP changes this year?
The government has insisted that close to 700,000 disabled pensioners will not have their personal independence payments (PIP) taken away, despite concerns that thousands of people are at risk of missing out on vital support. PIP is a benefit that helps disabled people with their living and mobility costs. It currently requires an assessment so that the department for work and pensions (DWP) can see how much help a claimant needs. But under wide-ranging welfare reforms laid out in March, the government said the number of people claiming PIP had become "unsustainable" and that stricter eligibility rules were needed to cut down the welfare budget. It is believed approximately 800,000 of the total 3.7 million PIP claimants will either miss out on payments as a result of the new rules, which are expected to come into force in November 2026. Now, the welfare information and advice service Benefits and Work has questioned whether or not pensioners who claim PIP will have their awards withdrawn. In a post published on its website on 17 May, it claimed that the DWP is "desperately trying to hide the truth about pension age PIP claims", adding: "Pension age PIP claimants will be subject to the four point rule, no matter how hard the DWP tried to hide that fact". In a written statement last week, a DWP minister insisted pensioners would "not be affected" by the changes because their claims are not "routinely reviewed", but some campaigners remain concerned that some older people could miss out regardless. Age UK told Yahoo News that PIP makes up 38% of net income among people aged 60 to 65 and said it was "very worried about the prospect of people losing this vital money". Here's what has concerned PIP claimants and pensioners — and what the government has said in response. Generally, new PIP claims are only accepted by the DWP from individuals who are under state pension age, but some pensioners can claim PIP because of specific eligibility rules related to when their claim started. For example, if someone's claim started when they were below pension age, they can continue to receive it as a pensioner. Additionally, if someone was eligible for PIP in the year before reaching state pension age but they did not claim, they may still be able to make a new claim. Individuals over state pension age are not subject to full reassessments but may still undergo 'light touch' reviews. These reviews, typically conducted every 10 years, are less comprehensive and generally involve a short form to confirm that the claimant's condition has not significantly changed. If you report a change of circumstances, this may trigger a reassessment. Around 690,000 pensioners are eligible for PIP, according to the DWP's official statistics released in January. We know that around 12,000 pension age claimants had a "planned award review" in 2024. Planned award reviews happen when a PIP claimant's award period runs out, which is normally after anytime from nine months to 10 years. In addition, 19,238 pension age PIP claimants had a "change of circumstances" review in 2024, according to the data. What has concerned campaigners is that when pensioners come up for these reviews, they could be subjected to the new, stricter eligibility rules rolled out in the controversial reforms announced in March. These new rules can be read in full here and, crucially, include the requirement to score a minimum of four points in one single activity to qualify for support - making it much harder for many claimants to successfully claim support. Benefits and Work has already urged the government to clarify what the proposals will mean for PIP-claiming pensioners. It wrote to the DWP, asking two questions: 'Will existing PIP claimants of pension age who are subject to a planned award review from November 2026 be required to score at least four points in one daily living activity in order to maintain their award?' 'Will existing PIP claimants of pension age who request a change of circumstances review from November 2026 be required to score at least four points in one daily living activity in order to maintain or increase their award?' While disability minister Sir Stephen Timms said pensioners claiming PIP are "not routinely reviewed" and "will not be affected by the proposed changes", questions have still been raised as to whether the group will be exempt. This is because the Green Paper does not explicitly address this, and while pension age people are 'not routinely fully reviewed', many of them have undergone reviews in the past. For example, a change of circumstances application can still trigger a full reassessment, potentially putting their entitlement at risk including if they don't meet the new requirement after November 2026. Timms, in part, addressed this in a response earlier this month. 'All claimants are required to notify the department of any change to their circumstance, be that an improvement or deterioration in their needs." "Upon notification of a change, a case manager will consider what further action might be required to ensure the claimant is receiving the correct level of support.' Yahoo News approached the DWP to query the perceived ambiguity and were told: 'In keeping with existing policy, people on state pension age are not routinely fully reviewed and will not be affected by these changes." There's no doubt PIP payments are a lifeline for many older people. Age UK has warned that many people in their early- and mid-sixties - before they hit pension age - who are struggling financially can suffer a decline in health. Many of them rely on a disability benefit like PIP to get by, with the charity's own polling revealing four in 10 people aged 55-65 are worried about affording essentials like food. "For those with long-term conditions or disabilities, working up to state pension age can be difficult, leaving many in a precarious financial position," Caroline Abrahams, Charity Director at Age UK, told Yahoo News. "The poverty rate for people aged between 60-64 is 22%, one of the highest among all age groups. PIP is an essential key element of income for disabled people in this age group, providing the ability to meet their basic needs. "Currently PIP makes up 38% of net income among people aged 60 to 65 so we are very worried about the prospect of people losing this vital money," Abrahams added. *The government is running a consultation to find out what the public think about some of its proposals for PIP. You can submit your thoughts here.
Daily Mirror
4 days ago
- Business
- Daily Mirror
Thousands of households urged to check if they can get £200 cost of living cash
The Household Support Fund is a pot of cash that is distributed by local councils to struggling or vulnerable residents Struggling pensioner households could be entitled to a £200 payment through a new cost of living scheme. Hull City Council is issuing the support as part of the Household Support Fund. The Household Support Fund is a pot of cash that is distributed by local councils to struggling or vulnerable residents. The help provided is usually cash grants or vouchers to pay bills, but it does vary between local authorities. Hull City Council has been awarded £5.3million from the Household Support Fund, which has been extended several times before. Pensioner households who are eligible will receive £200 after the Government made cuts to the Winter Fuel Payment. Meanwhile, low income families will get a £40 school uniform grant, as well as food vouchers in school holidays for those eligible for school meals. Leader of Hull City Council, Councillor Mike Ross, said: 'We know that people are continuing to be severely impacted by the ongoing increases in the cost of living. 'As a Council, we're using this funding to help vulnerable residents afford the essentials. No-one should have to make the choice between heating or eating when we get to the colder months, so we've allocated this money now to make sure we have the right things in place for the next year.' Councillor Ross added: 'While we await clarity on the Government's reforms to the Winter Fuel Payment, it is important that our older people know what help they are eligible for, and we realise there could be many who are entitled to Pension Credit who are not receiving it. 'Anyone who gets Pension Credit also gets the Winter Fuel Payment and may also be able to claim further help with things like housing costs, council tax and heating bills. 'It is right that the council supports Age UK to provide expert advice to pensioners to ensure they can maximise their incomes.' If you're not a Hull resident, it is worth checking what support your local council can offer you through the Household Support Fund. For example, Hartlepool Borough Council is awarding £100 food vouchers to all households where a child is aged between two and 19 and is eligible for free school meals. Meanwhile, households with pensioners who are in receipt of council tax support will get £100 in bank payments or food vouchers this year. Worcestershire County Council is giving Malvern, Worcester, Wychavon, Bromsgrove, Redditch and Wyre Forest residents up to £500 in energy help. There is up to £500 available for homes with children under 18 or full-time students under 21, or up to £300 for adult-only households aged 18–66. Pensioner households can also get up to £300.
