Households lacking out on £1,000 a yr in Pension Credit are urged to test
The Government is eager to spice up take up of the profit however many pensioners consider they don’t qualify as a result of they personal a property.
However, a single pensioner getting by on an revenue of lower than £201.05 every week or a pair with beneath £306.85 every week could possibly be eligible even when they’re householders with financial savings of as much as £10,000.
And the third of householders failing to say are shedding out on a median of £1,153 of additional revenue yearly, in response to retirement specialist Just Group.
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Its evaluation exhibits that solely 64 p.c of pensioner householders eligible for Guarantee Pension Credit have been claiming.
An further survey of greater than 1,000 over 65s confirmed that one other third of over 65s have by no means checked if they’re entitled to further advantages.
An additional 14 p.c are uncertain or unable to recollect once they final checked.
“Pension Credit is a very valuable benefit for retirees and it is good to see the government taking proactive steps to boost awareness and take up,” mentioned Stephen Lowe, of Just Group.
“As the cost-of-living pressures like rising meals and power costs are nonetheless squeezing pensioner budgets, it’s essential that these most at want usually are not lacking out on the vital revenue increase that Pension Credit can present plus the extra advantages which are unlocked by claiming it.
“People should not assume that because they own their home, they are no longer eligible for State Benefits.”
This week is the Pension Credit Week of Action, driven by the Department of Work and Pensions, to encourage more pensioners to claim what is known as the ‘gateway benefit’ because it unlocks access to further financial help such as free TV licences and council tax reductions.
As much as £1.7m goes unclaimed and the overall Pension Credit is worth up to £3,500 a year.
*The government provides free information via https://www.moneyhelper.