Martin Lewis warns ‘a million pensioners’ miss out on £3,500 a yr
Personal finance skilled Martin Lewis made a plea for individuals to verify if they will declare Pension Credit as this may very well be the gateway to receiving many different advantages comparable to reductions on broadband, council tax and housing prices.
On Martin’s Wallet Wednesday section on Good Morning Britain this morning, the money-saving skilled answered Ash’s query about receiving reductions on her broadband.
Ash defined she is a pensioner on the state pension however is in search of monetary assistance on payments.
Mr Lewis mentioned: “One million state pensioners in the UK are eligible for Pension Credit but don’t claim it.
“It’s an absolute tragedy, they’ve paid into the system for all their lives and they’re not getting this important top-up.
“Those eligible for Pension Credit can also get the £301 cost of living payments by the Government.
“People have until May 19 to claim Pension Credit and get the £301 cost of living credit.
“So simply by claiming Pension Credit, even if you get a small amount, you can get the £301 payment.”
Pension Credit is a top-up profit that helps these of state pension age who are usually not getting sufficient revenue.
The money-saving skilled defined the common fee is £3,500 a yr.
Even if somebody was due 50 pence from Pension Credit, it’s a “crucial gateway benefit” as it could actually supply many different freebies and reductions.
Mr Lewis said: “I call it a superpower.”
If somebody will get Pension Credit they will additionally get different assist, comparable to:
- Housing Benefit in the event that they lease the property they dwell in
- Cost of Living Payments
- Support for Mortgage Interest in the event that they personal the property they dwell in
- A Council Tax low cost
- A free TV licence in the event that they’re aged 75 or over
- Help with NHS dental therapy, glasses and transport prices for hospital appointments, in the event that they get a sure sort of Pension Credit
- Help with their heating prices by way of the Warm Home Discount Scheme
- A reduction on the Royal Mail redirection service in the event that they’re transferring home
Individuals should dwell in England, Scotland or Wales and have reached state pension age to qualify for Pension Credit.
When making use of for Pension Credit, an individual’s revenue is calculated. If they’ve a accomplice, their revenue is calculated collectively.
Pension Credit tops up:
- Their weekly revenue to £201.05 in the event that they’re single
- Their joint weekly revenue to £306.85 if they’ve a accomplice
If their revenue is increased, they may nonetheless be eligible for Pension Credit if they’ve a incapacity, they care for somebody, they’ve financial savings or they’ve housing prices.
Income consists of state pension, different pensions, earnings from employment and self-employment and most social safety advantages, for instance, Carer’s Allowance. It needs to be famous not all advantages are counted as revenue.