Martin Lewis has warned that close to one million older Brits are missing out on Pension Credit payments they are entitled to, with eligible pensioners potentially losing more than £3,000 a year.
Pension Credit is a means-tested benefit that tops up a low-income state pensioner's income to at least £238 a week if they are single, or £363.25 a week if they have a partner. However, government figures show that 900,000 of the 2.3 million eligible are still missing out, Lewis reports in his latest newsletter.
DWP launches awareness campaign
The Department for Work and Pensions (DWP) issued an alert last week encouraging people to check if they are eligible. It revealed that 660,000 leaflets will be posted through letterboxes in seven areas across the UK with a high proportion of low-income pensioners.
Lewis said that making this check could uncover more than £3,000 worth of payments per year that you are entitled to. Meanwhile, the DWP said that Pension Credit is worth more than £4,500 a year on average.
Lewis urges pensioners to spread the word
"I suspect a decent chunk of those missing out have newly hit State Pension age and are unaware of it," Lewis wrote in his most recent newsletter. "So I want to take this chance, again, to spread the word. Please do let others who may be eligible know too."
Additionally, Lewis pointed out that getting Pension Credit can be a gateway for other state help, including a free TV licence, Housing Benefit and Council Tax reductions. The Government advice being issued to households across the country will guide pensioners on how to apply for Pension Credit and how to support a family member with a claim, as well as "bust myths" about eligibility.
Minister urges pensioners to check eligibility
Minister for pensions Torsten Bell said last week: "Far too many pensioners are missing out on support they’re entitled to. Pension Credit is worth more than £4,500 a year on average and can make a real difference to people’s finances, while also opening the door to help with bills and other everyday costs."
"If you think you might be eligible, it’s worth checking. We want to make sure pensioners get the support they’re entitled to and don’t miss out on money that could help them in retirement," he added.
Pensioners who need additional guidance and support in their retirement are also being urged to seek advice from a number of charities, including Independent Age and Citizens Advice.
