Around 850,000<\/strong> eligible pensioners<\/strong> are missing out on Pension Credit<\/strong>, a vital financial support benefit that could provide up to \u00a310,000<\/strong> annually. This under-claimed means-tested<\/strong> benefit is administered by the Department for Work and Pensions<\/strong> (DWP<\/strong>) and is designed to help older Britons<\/strong> with low incomes<\/strong>.<\/p>\n

Currently, an estimated \u00a31.7 billion<\/strong> remains unclaimed every year, with many not taking advantage of the substantial financial assistance available. The Pension Credit<\/strong> can significantly increase a pensioner’s annual income, especially those living on the state pension<\/strong>.<\/p>\n

What is Pension Credit and Who Qualifies?<\/h2>\n

Pension Credit<\/strong> is a means-tested benefit<\/strong> aimed at supporting pensioners on low incomes by boosting their retirement income. It is administered by the Department for Work and Pensions (DWP)<\/strong> and provides financial relief to older Britons who qualify. Despite its significance, many pensioners remain unaware of their eligibility, with \u00a31.7 billion in potential benefits going unclaimed annually. By meeting specific income criteria, pensioners can access this program and enjoy additional support to manage everyday costs and improve their financial stability.<\/p>\n

Pension Credit<\/strong> consists of two parts :<\/p>\n

\n
• Guarantee Credit <\/strong>: This ensures a minimum weekly income of \u00a3218.15<\/strong> for single pensioners<\/strong> and \u00a3332.95<\/strong> for couples<\/strong>.<\/li>\n
• Savings Credit <\/strong>: Available to individuals who have saved toward their retirement<\/strong>, it provides additional financial support.<\/li>\n<\/ul>\n

  To qualify for Pension Credit<\/strong>, applicants must be over the state pension age<\/strong> of 66<\/strong>. Single individuals must have a weekly income below \u00a3201.05<\/strong>, and couples must earn less than \u00a3306.85<\/strong> per week. However, even those with slightly higher incomes might still qualify, particularly if they have disabilities<\/strong>, caring responsibilities<\/strong>, or specific housing costs<\/strong>.<\/p>\n

  The application process<\/strong> is straightforward and can be done using the Government\u2019s Online Calculator<\/strong><\/a> or by calling the Pension Credit helpline<\/strong>. Personal finance experts like Fiona Peake<\/strong> from Ocean Finance<\/strong> emphasize that many pensioners mistakenly assume they won\u2019t qualify because of savings<\/strong> or a small private pension<\/strong>.<\/p>\n

  Other benefits available through Pension Credit<\/h3>\n

  Pension Credit<\/strong> is known as a \u201cgateway<\/strong>\u201d\u00a0benefit, opening access to other essential benefits. For instance:<\/p>\n

  \n
  • Council tax reductions<\/strong>: Claimants can save over \u00a31,000<\/strong> annually, depending on their local authority.<\/li>\n
  • Cold Weather Payment<\/strong>: A \u00a325<\/strong> payment for every seven-day period of freezing temperatures.<\/li>\n
  • Free NHS dental care<\/strong> and prescriptions<\/strong>: Potentially saving hundreds of pounds a year.<\/li>\n
  • Free TV licence<\/strong> for those over 75<\/strong>, saving \u00a3159<\/strong> annually.<\/li>\n
  • Housing Benefit support<\/strong>: Financial help with rental costs<\/strong>.<\/li>\n<\/ul>\n

    Additionally, Pension Credit<\/strong> claimants are eligible for the Winter Fuel Payment<\/strong><\/a>, a support of up to \u00a3300<\/strong> to help with energy bills<\/strong>. This, however, is now only available to those claiming Pension Credit<\/strong>, as it was mean-tested<\/strong> in recent changes by Chancellor Rachel Reeves<\/strong>.<\/p>\n

    The Importance of Applying in Today\u2019s Climate<\/h2>\n

    With the rising cost of living<\/strong><\/a>, particularly after the COVID-19 pandemic<\/strong>, older people<\/strong> have been hit hardest. Peake<\/strong> urges pensioners to apply for Pension Credit<\/strong> to alleviate the financial strain during this cost-of-living crisis<\/strong>. The increasing energy prices<\/strong> and stubborn food inflation<\/strong> make applying for all available support a smart move<\/strong>.<\/p>\n

    Key points to remember :<\/h3>\n

    \n
    • Eligibility<\/strong>: Must be over 66 years old<\/strong>. Single pensioners must earn under \u00a3201.05<\/strong> weekly, and couples under \u00a3306.85<\/strong>.<\/li>\n
    • Pension Credit<\/strong> is a gateway to additional benefits like Council Tax reductions<\/strong>, Cold Weather Payments<\/strong>, and free NHS services<\/strong>.<\/li>\n
    • Application<\/strong>: It\u2019s easy to apply online or by calling the Pension Credit helpline<\/strong>.<\/li>\n
    • Don’t assume you won’t qualify\u2014many pensioners are eligible, even with savings<\/strong> or small private pensions<\/strong>.<\/li>\n<\/ul>\n

      Pension Credit<\/strong> offers crucial support to older Britons, helping them secure a higher income<\/strong>. With millions of pounds going unclaimed<\/strong>, it’s worth exploring if you or someone you know could benefit from this program<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

      An estimated \u00a31.7 billion<\/strong> in Pension Credit<\/strong> remains unclaimed<\/strong> every year, leaving hundreds of thousands of pensioners<\/strong> without vital financial support<\/strong>. Could you be missing out on up to \u00a310,000<\/strong> annually?<\/p>\n","protected":false},"author":9,"featured_media":10682,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[46],"tags":[],"class_list":["post-10670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-welfare","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts\/10670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/comments?post=10670"}],"version-history":[{"count":0,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/posts\/10670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/media\/10682"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/media?parent=10670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/categories?post=10670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/wp-json\/wp\/v2\/tags?post=10670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}