Interactive Investor

Up to one million households missing out on pension credit

29th October 2020 10:22

Rebecca O'Connor from interactive investor


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Figures reveal the sum amounts to £1,700 per family per year.

The Department for Work & Pensions this morning published data on estimated take-up of income-related benefits in the year 2018 to 2019. The data showed that:

-    Up to one million eligible families did not claim Pension Credit, amounting to £1.8 billion unclaimed - £1,700 per family per year
-    Proportion of eligible pensioners claiming pension credit at 6 in ten
-    76% of the total amount of credit that could be claimed was claimed 
-    Take-up was lowest among couples

Becky O’Connor, Head of Pensions & Savings for interactive investor, said: “There was a slight uptick in the number of people claiming Pension Credit in 2019. However ‘up to one million’ families missing out on around £1,700 a year remains a huge gap in benefit uptake among those who need it.

“More needs to be done to help vulnerable older people access this money, particularly as many are isolated at home during local lockdowns, and may be missing posters from the government’s awareness campaign. A simple letter in the post to eligible households may be more effective in improving take-up, as well as information to younger relatives who can help with claims.”

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