Mike Ambery, retirement savings director at Standard Life, echoed calls for pensioners to check their eligibility for pension credit as a means to retaining the winter fuel allowance.
"Many people mistakenly believe that if they have some savings or their own home they won’t be entitled to pension credit, with others worried about a perceived stigma attached to claiming," he said.
"However, eligibility is wider than often assumed and pension credit can be a real lifeline when times are tough. We would urge people to check eligibility with a benefits adviser or the government’s online pension credit calculator and make sure they are getting all the help available."
In a speech on Monday (July 29), Reeves told the House of Commons she would be holding a Budget on October 30, to "fix the foundations of the economy" and announced a raft of measures to plug a £22bn hole in public finances.
On cutting back on how many people receive the winter fuel payment, she said: "Let me be clear, this is not a decision I wanted to make, nor is it the one that I expected to make, but these are the necessary and urgent decisions that I must make.
"It is the responsible thing to do to fix the foundations of our economy and bring back economic stability."
tara.o'connor@ft.com
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