Hundreds of thousands of retirees in the UK are being encouraged to claim up to £1,386 per month through an underclaimed benefit known as Pension Credit. Low-income state pensioners, including single individuals earning less than £227.10 per week or couples with a joint income below £346.60 per week, may qualify for this financial support.
Pension Credit is designed to top up weekly incomes to these specified levels, enhancing financial stability for retirees facing rising living costs. Despite its potential benefits, this assistance remains one of the most underclaimed benefits in the UK, with nearly 1 million eligible individuals missing out on crucial funds.
Significant Benefits and Support
Claimants of Pension Credit could see their monthly payments increase significantly, potentially reaching a total of £1,386. Even if the additional funds amount to only a few pounds, they can lead to eligibility for other support payments, making it worthwhile for retirees to apply. The financial support could dramatically improve living conditions over the course of a year.
Martin Lewis, founder of Money Saving Expert (MSE), emphasized the importance of this benefit. He stated, “If you’re retired and have income less than £227 a week as an individual, or £346 a week as a couple, you may be due thousands of pounds a year in Pension Credit. Plus, it then entitles you to a whole raft of other benefits.”
Call to Action for Retirees and Families
As many as 800,000 households are estimated to be missing out on Pension Credit, which translates to approximately £1.5 billion in unclaimed benefits. This highlights the necessity for eligible retirees to take action, and for family members to assist them through the application process if needed.
The call to action is clear: retirees should check their eligibility and consider applying for Pension Credit to enhance their financial situation. This initiative not only aims to provide immediate financial relief but also to foster a greater awareness of the benefits available to older adults living on limited incomes.
