Pension Credit: Expert discusses those not claiming benefit
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Large swathes of pensioners will be living on a limited income, and it could be difficult to juggle a myriad of costs. With prices rising for petrol, food shopping, travel and energy bills, many are unsure what to do next.
However, with this in mind, the Government is renewing its signposting towards a form of help designed to assist pensioners on a low income.
Pension Credit provides people over state pension age with extra money to help with living costs if they have a low income.
It can also help with housing costs such as ground rent or service charges.
New figures have shown Pension Credit can be worth over £3,300 per year.
But many people are missing out due to lack of awareness surrounding the benefit, or hesitancy to claim support.
Some are even unaware of the fact they could be eligible for this help.
It is estimated up to £1.7billion is currently unclaimed, meaning many could be foregoing a vital financial boost.
Guy Opperman, minister for pensions, said: “We recognise the challenges some pensioners will be facing with the cost of living which is why promoting Pension Credit is a priority.
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“That’s why we’re calling on everyone with retired family, friends and loved ones to check in with them and see if they can get this extra financial support.
“The campaign also includes tackling some of the myths that may stop people applying, such as how having savings, a pension or owning a home are not necessarily barriers to receiving Pension Credit.”
What many people are unaware of is the fact Pension Credit is a gateway benefit.
This means it can lead eligible Britons to potentially receive a wide range of other support.
This includes help with housing costs, council tax and heating bills, as well as a Cold Weather Payment and Warm Home Discount in the winter.
Those over the age of 75 claiming Pension Credit will also be able to secure a free TV Licence.
Thankfully, there are different ways a person can claim Pension Credit.
This can be done either by phone or online, which should make it a straightforward process.
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Those who want to check their eligibility can also do so through the Pension Credit calculator.
The tool will give an estimate of what Britons are likely to receive.
When claiming Pension Credit, individuals will need to have certain information to hand.
- National Insurance number
- Information about any income, savings and investments
- Bank account details for those applying by phone or post.
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