More than 13 million people across Great Britain have now reached State Pension age, relying on this contributory benefit as a primary income source. While the payments provide crucial support, many retirees are unaware of the extensive range of additional financial help available to them.
Unlocking Extra Financial Support
Beyond the core State Pension, which offers up to £921 every four weeks on the New State Pension or £705.80 through the Basic State Pension, lies a hidden landscape of support. Experts highlight that there are more than a dozen potential ways to boost your income through various benefits, discounts, and reductions.
To help navigate this complex system, the MoneyHelper website has compiled a comprehensive list of monetary perks. They also provide quick eligibility checks to ensure older people can access all the vital support they are entitled to in later life.
The most straightforward method to check your eligibility is to use an online benefits calculator, which can quickly identify any unclaimed support.
Key Benefits and Discounts Explained
Retirement opens the door to several specific forms of financial assistance. Here are some of the key areas where you might find extra help.
Pension Credit is a vital form of support, currently assisting 1.4 million people across the UK. It provides additional financial help for those over State Pension age with low incomes, acting as a 'passport' benefit to other forms of support. On average, it provides about £4,300 annually in extra funds and can unlock access to Council Tax discounts, housing cost assistance, NHS discounts, and a free TV Licence for those over 75.
You can try the Pension Credit Calculator on GOV.UK or contact the Pension Credit helpline on 0800 99 1234 to check your eligibility.
Help with Council Tax is available whether you own or rent your home. Your local authority can provide information on potential reductions, and it's recommended you contact them directly to inquire.
For those needing help with heating costs, there are insulation and heating schemes designed to improve your home's energy efficiency. If you have poor insulation, no functioning central heating, and receive income-related benefits like Pension Credit, you may qualify.
Specialist Allowances and Support
Specific circumstances can unlock further support. For health-related needs, several benefits are available:
- Attendance Allowance is for those over State Pension age who have not claimed Disability Living Allowance (DLA) or Personal Independence Payment (PIP).
- If you were already claiming DLA before reaching State Pension age, you can continue to do so.
- If you reached State Pension age while claiming PIP, your payments will continue.
Support is also available for war widows, widowers, and veterans. If your spouse or civil partner died or was injured due to service in the Armed Forces, you may qualify for a War Widow's or Widower's Pension. For those who served and sustained an injury or disability before 6 April 2005, a War Disablement Pension may be available, along with help covering accepted disability-related medical costs.
Additional perks include a half-price TV Licence for those over State Pension age who are registered as severely sight-impaired, and a free passport for British citizens born on or before 2 September 1929.
With so many potential sources of support, taking the time to check your eligibility could significantly improve your financial wellbeing in retirement.
