The Department for Work and Pensions (DWP) has issued a warning to people of state pension age, over a further £3,500 benefit which they may be missing out on. It comes after a recent Freedom of Information request detailed how the number of benefit claims made to the DWP has more than doubled over the last tax year.
Approximately 800,000 households in the UK that meet the criteria for Pension Credit are currently not claiming this valuable benefit.
Pension Credit, a financial payment aimed at individuals who have reached the State Pension age, has the potential to provide thousands of pounds in support each year.
If you, a family member, a neighbour, or a friend are aged 65 or over and possess an income of less than £220 per week (or £320 for couples), it is well worth exploring your eligibility for Pension Credit through the official Government calculator available online.
The typical amount awarded through Pension Credit stands at around £3,500 annually, effectively elevating an individual’s income to at least £201.05 weekly for single pensioners. For couples, the benefit raises their income to £306.85 per week.
It’s important to note that additional Pension Credit could also be available under specific circumstances. Those with disabilities, caring responsibilities, or specific housing costs like mortgage interest payments might qualify for extra financial support. Don’t miss out on this potential assistance; take the time to assess your eligibility today.
Eligibility for Pension Credit –
To receive Pension Credit, you must live in England, Scotland, or Wales and have reached the qualifying State Pension age.
If you have £10,000 or less in savings and investments, your Pension Credit will not be affected. However, if you have more than this threshold, every £500 over £10,000 counts as £1 income a week.
For example, if you currently have a sum of £11,000 in savings, this counts as £2 income a week.
What you get with Pension Credit –
Pension Credit will top up your weekly income to £201.05 if you’re single, or up to £306.85 for couples. However, you may get more if you have other responsibilities and costs.
You could also be eligible for an extra £76.40 per week if you receive:
- Attendance Allowance
- The middle or highest rate from the care component of Disability Living Allowance (DLA)
- The daily living component of Personal Independence Payment (PIP)
- Armed Forces Independence Payment
You could also get an extra £42.75 a week if:
- You get Carer’s Allowance
- You’ve claimed Carer’s Allowance but are not being paid because you already get another benefit paying a higher amount
Pension Credit remains an untapped resource for a significant number of eligible UK households. By familiarising yourself with the eligibility criteria and completing a simple online assessment through the government’s designated calculator, you can ensure that you or your loved ones are receiving the financial support you rightfully deserve.
