In the UK, around 13 million people have reached the state pension age of 66, yet only 1.7 million receive the full new state pension of £230.25 per week.
Despite this significant number, many retirees remain unaware of the range of financial support, benefits, and discounts that could supplement their income and improve their quality of life.
Recent reports, including those from DevonLive, highlight how millions may be missing out on support designed specifically for people in their retirement years. Understanding and claiming these entitlements can make a notable difference during this stage of life.
State Pension and Pension Credit
To qualify for the full new state pension of £230.25 per week, individuals need to have made 35 years of National Insurance contributions. A minimum of 10 years is required to receive any part of this pension.
Recent administrative errors have caused some retirees to be short-changed, making it important for individuals to check their National Insurance records and pension statements carefully.
For those not receiving the full pension, Pension Credit may provide an income top-up of up to £4,300 per year. This credit also unlocks access to other benefits such as a free TV licence for people over 75.
According to government data, Pension Credit remains one of the most underclaimed benefits, with approximately £1.5 billion lost annually due to unclaimed entitlements. The official Gov.uk Pension Credit calculator can help determine eligibility.
Health-Related Benefits for Retirees
Additional financial support exists for health-related needs. People over 66 with disabilities or illnesses may be eligible for Attendance Allowance, which pays between £73.90 and £110.40 per week, depending on the level of care or supervision required.
Others who claimed benefits such as Personal Independence Payment (PIP) or Disability Living Allowance (DLA) before reaching pension age may continue to receive them.
Discounts and Concessions Beyond Benefits
Retirees can also access various discounts, including reductions on council tax. Those receiving disability or carer’s benefits or the Guarantee Credit part of Pension Credit may qualify for larger council tax reductions, sometimes covering the full amount owed.
Transport concessions are also available, such as the 60+ London Oyster photocard, Freedom Pass, Senior Railcards, and free bus passes. Additionally, a free British passport is offered to those born on or before September 2, 1929, who are British nationals.
Information about these benefits and discounts has been compiled by MoneyHelper, while eligibility tools and official guidance are available on Gov.uk.
Ensuring full awareness and claiming all entitled support could add thousands of pounds each year to retirees’ income, helping them better manage their finances in retirement.
