Martin Lewis has issued a warning to existing Octopus Energy customers after the new Ofgem price cap was confirmed ahead of October 1. The BBC Sounds and ITV star spoke out in the Money Saving Expert newsletter’s guide. Discussing whether to fix or stick, Mr. Lewis told Octopus customers: “Existing Octopus customers could consider its Octopus Tracker tariff. If you’re not already with Octopus, you can try switching to its standard variable tariff, then switch to this. Its rates change daily based on wholesale costs, and it’s been substantially cheaper than the Price Cap in recent months. Alternatively, Octopus’ electricity-only Agile tariff has rates that change half-hourly, based on wholesale prices – good for those who can shift their electricity use out of peak hours.” It comes just after Chancellor Rachel Reeves announced last month that she would scale back energy support for pensioners. As part of her bid to plug a £22bn black hole in the nation’s finances, Ms. Reeves said that winter fuel payments, which were previously paid by all pensioners, will now be means-tested and will only go to those also receiving Pension Credit. Winter fuel payments are currently worth £200, while pensioners over 80 receive £300. Former Pensions Minister Baroness Altmann stated that the government should urgently announce a delay to its plans to make the pensioner energy support payments means-tested because it will not be able to process an anticipated surge in applications for Pension Credit in time. Baroness Altmann said the Department for Work and Pensions will not be able to get new applicants signed up by November, when pensioners get their winter fuel payments, meaning low-income retirees who are not yet in the Pension Credit system will not have the support they need when the price cap rises. She said: “It is inevitable that the Government will be unable to process all new claims within a few weeks. Even if those applying are accepted, the administrative processes take weeks or months, so they won’t get their payments on time … “The government should urgently announce a delay to allow time for proper assessment. At the very least, this decision should be delayed to give time for the government to make proper assessments of the potential hardship and work out mitigations carefully.”
- Monday, December 23, 2024
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