Hundreds of thousands of retirees may be missing out on a significant financial benefit, as many low-income state pensioners are urged to apply for Pension Credit. This underclaimed benefit allows eligible individuals to increase their weekly income, potentially receiving up to £1,386 each month.
Pension Credit is available to single retirees earning less than £227.10 per week or couples with a combined income below £346.60 per week. Those who qualify can receive a top-up to reach these minimum income levels. Despite its potential impact, nearly a million pensioners have yet to claim this vital support.
According to research by the Money Saving Expert (MSE), approximately £1.5 billion in Pension Credit remains unclaimed, affecting around 800,000 eligible households. This situation highlights a critical gap in support for those who need it most. Even a modest increase in income can significantly improve the quality of life for retirees struggling with living costs.
Martin Lewis, founder of MSE, emphasized the importance of this benefit: “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.” He noted that claiming Pension Credit not only provides direct financial support but also opens the door to a variety of other benefits.
For retirees and their families, the application process can be straightforward, and assistance is encouraged for those who may find it challenging. Claiming Pension Credit can offer essential financial relief, particularly for older individuals on limited incomes.
The potential monthly increase to £1,386 can make a considerable difference over the course of a year, alleviating some of the pressures associated with rising living costs. Given the current economic climate, it is more important than ever for eligible pensioners to explore their options and ensure they receive the support they are entitled to.
As public awareness of this benefit grows, advocates encourage individuals to take action. By applying for Pension Credit, retirees can secure not only immediate assistance but also long-term financial stability.
