Days left to boost your retirement income by £301
9th May 2023 11:07
by Alice Guy from interactive investor
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Thousands miss out on £3,500 pension credit per year.
The Department for Work and Pensions (DWP) today urges all pensioners on a low income to check if they qualify for pension credit. Anyone who claims pension credit by 19 May could also receive a cost-of-living payment of £301, worth £900 over the whole financial year.
Pensioners who miss the 19 May deadline can still claim pension credit, worth an average of £3,500 per year and open the door to other potential help with housing costs and reduction in council tax.
Alice Guy, Head of Pensions and Savings at interactive investor says: “Pension credit provides a lifetime to millions of pensioners on a low income by topping their income to lift them out of poverty. Pension credit is available for pensioners with assets worth less than £10,000 in savings and tops up their income to £201.05 per week for single pensioners and £306.85 for couples.
“With prices spiralling and housing costs increasingly unaffordable, the pension credit is the only thing that stands between many pensioners and poverty.
“It’s a huge worry that around 850,000 pensioners are entitled to pension credit and aren’t currently claiming. They are potentially living hand to mouth and struggling in poverty when there is help available.
“Two-thirds of those claiming pension credit are women and the burden of pensioner poverty falls disproportionately on women, who have often spent years out of the workplace, caring for loved ones.
“The onus is on us all to speak to elderly relatives and make sure they’re claiming everything they are entitled to. Many poorer pensioners have spent years caring for loved ones or living with a disability and not managed to build up enough National Insurance credits to get a full state pension.
“You can check and claim online if you think you or someone you know maybe eligible for pension credit.
“The £301 cost of living payment is available automatically for those who receive pension credit.”
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