Martin Lewis has said he and the Money Saving Expert team are “swamped” as more and more people realise they’ve been missing out on a benefit worth around £3,900 each year.
Hundreds of thousands of people are thought to not claim Pension Credit, despite being eligible for it. Known as a “passport” benefit, Pension Credit not only tops up low incomes for people in retirement, but also opens up a whole raft of other perks to those who receive it.
People on Pension Credit will keep their Winter Fuel Payments – after Chancellor Rachel Reeves confirmed the new Government would be axeing the cash for millions of pensioners earlier this year. It also gives claimants access to other freebies and saving schemes. This includes a free TV licence for those over 75, automatic cold weather payments, and council tax reduction.
Anyone who is retired with an income less than £218 a week, or £332 per week for a couple, may be entitled to claim it. Money Saving Expert reports that up to £2.1bn of Pension Credit has been unclaimed by over 880,000 eligible households.
But since Martin Lewis has made more people aware they may be eligible, it seems there have been a number of success stories. In a new update, Mr Lewis said: “Don’t assume it’s not you! I’m delighted to say we’re swamped with: ‘I can’t believe it, I was sure we weren’t due, but we checked, we are! Thank you’ messages”.
The finance guru continued: “Pension Credit is a critically underclaimed top-up of the state pension for those on lower incomes that I’ve been urging people to check out for over a decade. On average it’s worth £3,900/yr. Yet over 800,000 eligible pensioners likely still miss out.
“That’s why it’s frustrating that it’s the new main gateway for the £200 (£300 for over-80s) Winter Fuel Payment – which until now was paid to all pensioners. I’ve been loudly making noises on that, but for now the key is to get as many people as possible who are due Pension Credit to get it…”
The Department for Work and Pensions (DWP) previously said there are common misconceptions that may be putting people off applying for Pension Credit. Gov.uk clarifies that people of State Pension age may be entitled to Pension Credit even though they may have modest savings, or a retirement income or own their own home.
To find out more about Pension Credit eligibility, or to apply, click here
