Isobel Lawrance
June 15, 2023
studying time: 2 protocol
£1.7 billion pension credit score unclaimed
This week, UK financial safety charity Turn2us launched its Do not Shut Out, Discover Out marketing campaign right this moment, urging pensioners in have to see if they might get a pension credit score. It may very well be value a median of £3,500 a yr.
Throughout this Retirement Credit score Consciousness Week (June 12-16), the charity is asking anybody over the age of 66 on a low earnings, or their household and pals, to spend simply 10 minutes utilizing their free on-line profit calculator or calling their info hotline 0808 802 2000 when entry to the web shouldn’t be an choice.
The quick, free, and confidential on-line calculator helps folks discover out if they’re eligible for every type of federal advantages, together with a retirement credit score, which is paid along with the state pension and is obtainable even when you’ve got financial savings and personal a house .
Previously yr alone, greater than 300,000 folks over the statutory retirement age of 66 used the Turn2us profit calculator to search out out what extra advantages they is perhaps entitled to. One in seven of those (39,235 folks) discovered they have been entitled to a pension credit score which, at a median of £3,500 per individual per yr, accounts for greater than £137m in extra authorities advantages for low-income pensioners.
Michael Clarke, Director of Affect and Innovation at Turn2us says:
“Analysis exhibits many retirees are unaware there’s a pension credit score and lots of others preclude discovering out, assuming they don’t seem to be entitled to it due to their financial savings or proudly owning a house.
“The fact is {that a} single pensioner dwelling on lower than £201.05 every week or a pair on lower than £306.85 every week may very well be eligible even when they’re householders with financial savings of as much as £10,000 is.”
If you happen to obtain a pension credit score, it means that you’re mechanically entitled to different assist, equivalent to: These embrace free dental care, extra funds for heating payments, lease or mortgage curiosity, and a free TV license (the latter is obtainable when you’re additionally over 75).
Final yr, the Division for Work and Pensions (DWP) mentioned so throughout the Pension Credit score Consciousness Week Whereas 1.4million pensioners within the UK are receiving it, there’s nonetheless £1.7billion unclaimed. DWP stories that individuals are delay for a spread of causes, from the mistaken perception that they’re ineligible primarily based on financial savings or proudly owning a house, to not desirous to be perceived as a beneficiary, or assuming that the process is difficult or complicated.
Sarah Pennels, Chief Monetary Officer at Royal London, says:
“The truth that so many retirees are forgoing pension credit amid a cost-of-living disaster is worrying. This profit gives much-needed extra earnings, but additionally means individuals are eligible for assist with lease, council tax and different payments and advantages, as Pension Credit score is a gateway to different advantages.”
If you happen to assume you is perhaps eligible – do not rule it out, discover out – by utilizing this Free on-line efficiency calculator from Turn2us on our website turn2us.org.uk or when you should not have entry to the web, Name the Turn2us info quantity: 0808 802 2000, Monday to Friday 9am to 5pm.