A new report from Just Group reveals that many pensioners are missing out on thousands of pounds in unclaimed benefits. The research found that 79% of pensioner homeowners eligible for means-tested benefits were not claiming any, missing an average of £1,807 per year.
The study, based on interviews with equity release clients in 2024, showed that 33% were entitled to key benefits. Of those, nearly one in ten were claiming less than their entitlement, losing an average of £2,915 annually. Stephen Lowe, group communications director at Just Group, described the under-claiming as a 'scandalous scale'.
Pension Credit, the main means-tested benefit for older people, is a gateway to other support such as Winter Fuel Payment. The report found that 90% of eligible pensioners were not claiming it. Other benefits often missed include Savings Pension Credit and Council Tax Reduction, with average annual losses of £933 and £1,067 respectively.
One couple in their mid-70s from Suffolk were found to be eligible for £145.37 per week in Guaranteed Pension Credit, Savings Pension Credit, and Council Tax Reduction, totalling £7,560 a year. Overall, 58% of those missing out were entitled to at least £1,000 annually.
Just Group's sister company HUB Financial Solutions found that 38% of over-65 homeowners had never checked their benefit entitlement. Stephen Lowe urged pensioners to seek advice, as many may wrongly assume home ownership disqualifies them from support.
