£1.7 billion in pension credits left unclaimed

Pensioners are being urged to check whether they are eligible to apply for Pension Credit. This is a benefit which ensures pensioners receive a guaranteed minimum level of income.

What is pension credit?

Pension Credit is designed to help with daily living costs for people over State Pension age and on a low income.  It tops up a person’s income to a minimum of £182.60 per week for single pensioners and £278.70 for couples in the current tax year.

Who is eligible?

There is an online Pension Credit Calculator to help people check if they are likely to be eligible and get an estimate of what they may receive, this can be claimed by phone and online

Marketing campaign to raise awareness

Currently, over 1.4 million pensioners in Britain receive Pension Credit.  However, many are still not claiming this extra financial help. It is estimated up to £1.7 billion is being left unclaimed!  

So, the government has launched a campaign across digital media, including web search results and social media posts, before being expanded to national and regional newspapers.

The campaign aims to tackle some of the myths

These myths may stop people applying such as how having savings, a pension or owning a home are not necessarily barriers to receiving Pension Credit. It also highlights that even a small award can provide access to a wide range of other benefits. Such as help with housing costs, council tax or heating bills.  For those over 75, this includes continued entitlement to a free TV license.

Get more support and guidance

To find out what your options are, why not give Carpenter Box Financial Advisers a call on 01903 534587. Or you can contact us via our website.