The Work and Pensions Committee report calls for a UK-wide, cross-Government strategy for an ageing society to help target support to tackle pensioner poverty.
Committee chair Debbie Abrahams said: ‘Faced with a combination of high energy costs, ill-health and ever higher rates of pensioners in more costly privately rented accommodation, tackling pensioner poverty is not simply a DWP issue. So, we're calling for a nationwide, cross-Government strategy for an ageing society that should be rooted in equity and wellbeing.'
The report also called for a pension credit taper to remove the current cliff edge and for the Government to provide a minimum income for dignified retirement.
During the inquiry, the committee heard while almost one in six pensioners experienced relative poverty, this increased to one in three for those in the private and social rented sector, and one in four and one in five for carers and disabled people.
The number of pensioners below the minimum needed for a socially acceptable standard of living almost doubled to 2.8m in the 15 years to 2023.
Experts told the committee poverty caused accelerated ageing and there was an 18-year healthy life expectancy gap between poorer areas and wealthier ones.
David Finch, assistant director of the Healthy Lives team at The Health Foundation, said: ‘Our projections show an extra over half a million people of working age from more deprived areas living with severe health conditions by 2040. That is why the fairer transitions to retirement for people with shorter and less healthy lives must be considered, while focusing on the cross-Government action needed to build a healthier workforce and reduce inequalities.'
A Government spokesperson said: ‘Supporting pensioners is a top priority, and thanks to our commitment to the triple lock, millions will see their yearly state pension rise by £1,900 this Parliament. We have also run the biggest-ever campaign to boost pension credit take-up, with nearly 60,000 extra pensioner households being awarded the benefit, worth on average around £4,300 a year.
‘But we know there is a real risk that tomorrow's pensioners will be poorer than today's, which is why we are reviving the Pension Commission, to tackle the barriers that stop too many people from saving.'
