I am all for using the metric to improve the Pension Credit as that is rigorously means tested and is there to help the poorest pensioners. I would like the thresholds increased slightly to cover those right at the bottom who do not currently qualify, but who do live in poverty. Completely agree that now is the time to do it, ideally scrap it entirely for pensioners who are in the 40% bracket (about three quarters of a million pensioners), and let it rise at the same percentage as minimum wage for those outside of pension credit.
What should happen is that pension credit boundaries are raised to cover more pensioners as those at the bottom of the state pension pot are still poor, this can be more than funded by dropping triple lock. I still want to see the top 10% of pensioners who qualify for higher rate income tax see their state pension dropped ASAP., another sizable chunk of money.
The good thing about pension credit is that it looks at all aspects of your finances, so it should spot and exclude those who don’t actually need the money who are at the threshold of state pension.