Millions of state pensioners are failing to claim an average of £1,339 annually, according to a new report. Retirement experts Just Group revealed that 42 per cent of pensioner homeowners qualify for at least one of several payments, but 74 per cent of those eligible are not claiming the funds they are entitled to.
David Cooper, director at Just Group, said: 'Our survey once again reveals what appears to be an epidemic of pensioner homeowners missing out on income they are entitled to claim. Of those pensioner homeowners eligible for benefits, about three in four were failing to claim any benefit. These are low-income pensioner households likely to be struggling with the cost-of-living crisis.'
The entitlements include guaranteed pension credit, savings pension credit, council tax reductions and Universal Credit. Guaranteed pension credit is the main means-tested benefit for older people and a gateway to other benefits such as winter fuel payment, but more than two thirds who were eligible were missing out.
Pension Credit is a means-tested benefit for individuals over State Pension age with limited income, comprising Guarantee Credit and Savings Credit. Council Tax Reduction, also known as Council Tax Support, is designed to assist those on a low income or claiming certain benefits in paying their Council Tax bill.
Mr Cooper added: 'Benefits like pension credit are not paid automatically but must be claimed, so people need the foresight to check if they are entitled to it. It's important cash-strapped pensioner households do not simply assume there is no state help available - a five-minute check could unlock thousands of pounds of income each year.'
