Pensioners can boost their income through weekly benefit but over a million missing out
PENSIONERS all over the UK may be missing out on extra income every single week.
Therese Coffey outlines the benefits of Pension Credit scheme
In these trying financial times, it is likely many people who previously had not considered getting some financial help may need to explore the idea. Pension Credit is a potentially valuable benefit which is available to people who are over state pension age.
The state pension age is currently set at 66 in the UK for both men and women.
People who are on lower incomes may be able to claim Pension Credit as a means of securing some financial support.
It is currently estimated that over a million Britons who could be receiving Pension Credit in some shape or form have not claimed.
How much is it?
The base part of Pension Credit is known as Guarantee Credit, and this potentially provides the greatest amount of support.
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Guarantee Credit tops up the weekly income of claimants to:
- £177.10 for single pensioners
- A joint amount of £270.30 for those with a partner
Because Guarantee Credit operates in this way, an applicant’s income must be assessed to determine whether they are able to get the top up, as people with more income than the amounts stated will not be eligible.
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Income includes:
- State Pension
- Other pensions
- Earnings from employment and self-employment
- Most social security benefits
However, there may still be another way for people who have a greater income to get some support.
This is because there is another element to Pension Credit, known as Savings Credit.
People who have saved some money for their retirement, such as through a personal or workplace pension may be able to claim Savings Credit.
They must also have reached state pension age before April 6, 2016.
Successful claimants could get up to £14.04 a week if they are single. If they have a partner, this rises to £15.71 a week.
Other help via Pension Credit
Pension Credit recipients may also be automatically eligible for other help, such as:
- Housing Benefit
- Support for Mortgage Interest
- Council Tax Reduction
- Free TV licence for those aged 75 or over
- Help with NHS dental treatment, glasses and transport costs for hospital appointments
- Help with heating costs
How to claim
People who have already applied for their state pension can use the Government website to apply for Pension Credit online.
Alternatively, Britons can apply by phoning the Pension Credit claim line on 0800 99 1234.
Another option is to apply by post. This can be done by printing out a claim form, filling it in and sending it to the Pension Service.