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Hundreds of pensioners lacking out on £301 – are you?

Isobel Lawrance

4th Might 2023

Studying Time: 3 minutes

Hundreds of pensioners lacking out on £301 – are you? 

Newest figures present lots of of 1000’s of retirees could possibly be lacking out on claiming the £301 value of residing fee, in addition to advantages value as much as £3,500. As many as 850,000 pensioners may miss out on this cash enhance – are you one among them? 

Specialists from funding agency AJ Bell are actually encouraging these of retirement age to join pension credit score, earlier than Might 19th. Making use of for the profit means you’ll qualify for the £301 help fee. You should apply earlier than the deadline of Might 19th to qualify. You too can backdate the funds as much as three months. 

However the cost-of-living fee isn’t the one money you possibly can be scooping up. Pension credit score funds are value over £3,500 per yr on common. It is a big earnings enhance for retirees. 

Are you eligible? 

In case you are over the state pension age and stay in England, Scotland or Wales, you may apply. In case you are in a pair, each events should be over state pension age to use. You’ll qualify for the profit in case your weekly earnings is lower than £201.05 per week for a single individual, or lower than £306.85 for {couples}. 

Your state pension, personal pensions, some social safety advantages, earnings from employment and any financial savings or investments over £10,000 shall be thought of. Even when your earnings is simply too excessive, you could possibly get financial savings pension credit score. 

Attendance allowance, incapacity residing allowance, PIP, council tax reductions and housing advantages don’t depend as earnings. Neither do Christmas bonuses you could obtain! 

The right way to apply 

To use for pension credit score, you will want to make sure you have all of your private particulars useful. Be sure you have your Nationwide Insurance coverage quantity, details about your earnings, plus your checking account particulars. 

You’ll be able to apply through the federal government web site or name the pension credit score declare line on 0800 99 1234.


How a lot do you get? 

Pension credit score is cut up into two classes. You could be eligible for each, or only one a part of the profit.  

Financial savings credit score is cash given to you you probably have saved to your retirement. That is at present £15.94 per week for a single individual, and £17.84 every week for a married couple. 

Assure credit score is money that tops up your weekly earnings to a assured minimal. As talked about beforehand, that is £201.05 per week for a single individual, or lower than £306.85 for {couples}. 

In case you are disabled or caring for somebody who’s disabled, you could qualify for extra. 

You’re often paid into your checking account, often each 4 weeks. 

What the specialists are saying 

Tom Selby, head of retirement coverage at AJ Bell, feedback: 

“Pension credit score is massively underclaimed within the UK, with the federal government estimating 850,000 eligible pensioners fail to make a declare for the profit every year. The common pension credit score fee is value over £3,500 a yr, based on the DWP – an important enhance for low-income retirees throughout regular occasions however much more vital with inflation persevering with to eat away at family budgets. 

“Pension credit score is not only a precious profit in its personal proper – it additionally acts as a gateway to different advantages, similar to assist with heating prices and free TV licenses. And there may be an additional incentive for pensioners to make a pension credit score declare by 19 Might this yr. A profitable pension credit score declare made by this date additionally triggers precious cost-of-living funds, the most recent of which is value £301 to those that are eligible.” 




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