You could be missing out on hundreds of dollars in state pension credit if you don’t know how to apply.
PENSION CREDIT is a government program that gives people extra money to supplement their retirement income if they are above the state pension age (SPA) and have a low income.
Pensioners who get the benefit may also be eligible for money to help with TV licensing payments, yet statistics show that many people do not claim benefits they are entitled to.
People’s entitlement amounts are determined by their current income, as well as their total savings and invested wealth.
When calculating the Pension Credit, people’s state pension, private pension(s), most other benefits, wages, and savings exceeding £10,000 will be taken into account.
A claimant must live in England, Scotland, or Wales and have attained the state pension age before applying for Pension Credit.
If someone has a partner, the sum determined will be their joint income.
For single persons, the Pension Credit will boost their income to £177.10.
Claimants with a partner will have their weekly salary increased to £270.30.
If a person’s income is higher, however, they may still be eligible for the credit if they are disabled or have caring duties, in which case they are entitled to further assistance.
Despite the fact that assistance is readily available, the Department for Work and Pensions (DWP) claims that many people do not claim the benefits to which they are entitled.
According to reports, up to two-fifths of those who are eligible for financial assistance do not apply for Pension Credit.
They recommended people to make sure that any relatives who may be eligible for the benefit are aware of the situation so that they do not miss out.
If you are over the age of 75, you may be eligible for assistance with your TV license.
The Pension Credit application process can begin up to four months before one reaches their SPA.
After the SPA is reached, anyone can apply for the benefit at any point, albeit claims can only be backdated three months.
Pension Credit recipients may also be eligible for assistance in the following areas:
Housing Benefit: This benefit is for persons who rent their homes.
Mortgage Interest Assistance: For people who do own the home they reside in.
Reduction in the Council Tax
Over-75s get a free TV license.
Assistance with NHS dental and optical care, as well as transportation fees.
Assistance with heating costs