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Wealthy pensioners

Unfairness is growing

By Paul Johnson   December 2012

Recent research suggesting that around a million people over the age of 65 live in households with wealth of more than £1m again raises the question of whether Britain has a problem of intergenerational inequity. Do older generations have, and are they eating, too much of the national cake?

As a group they are better off, relative to those of working age, than ever before. Pensioner incomes are at a record high compared with average incomes and continue to rise. This reflects three major policy decisions.

First, the last Labour government spent billions increasing means-tested benefits for the poorest pensioners.…

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