Martin Lewis says state pensioners will be £500 worse off from October thanks to two changes to state pension handouts for the winter.
The money expert, fresh from a career break, joined ITV’s Good Morning Britain to issue a missive on missing state pension money.
Thanks to changes being made to state pensions by Labour this winter, state pensioners will lose £600 of benefits from October, and only get £100 back on their energy bills to compensate, Martin said, leaving most state pensioners £500 worse off.
Even those who are eligible for pension credit will still be at least £200 worse off.
That’s because as well as scrapping the universal Winter Fuel Payment for all state pensioners and making it means tested, the government has also chosen not to renew a Cost of Living payment of £300 which was sent to pensioners for each of the last two winters.
Now the money expert is pushing pensioners to check if they are eligible for Pension Credit to at least get £300 back this winter.
The Winter Fuel Payment and the Cost of Living payment were both usually paid from October onwards in past years.
Martin Lewis says: “It’s become more crucial than ever [to claim Pension Credit] because that Winter Fuel Payment that up to £300 payment that did to go every pensioner is now dependent on Pension Credit.
“It’s worth noting that for the last two winters there was also a Cost of Living payment to every pensioner that was also worth £300, so every pensioner regardless of what they claim has lost £300 in the Cost of Living payment and then most pensioners also won’t get the next £300 for the Winter Fuel Payment because it’s now not universal.
“Energy bills are lower than last year, but for a six month period they’ll only be about £100 lower, so as you can see, being £600 worse off when you’re only getting a £100 gain means there’s a lot less money in the coffers when you’re looking at energy than there was last year.
“So, Pension Credit, now I’ve been shouting about this here and everywhere and on my site for many years and it is chronically underclaimed.
“So the most important thing I can say to everybody watching who may be eligible is those over 66 but also right across society, is many of our most vulnerable people are not claiming this crucial payment and we collectively have a responsibility to try and let them know about it.”
Martin said that single pensioners on less than £235 a week and couples on less than £350 should check as they could possibly get the payments.
This in turn would make them eligible for the £300 Winter Fuel Payment as well as topping up their income now.
