Martin Lewis provides clarification on pension credit payments
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Many pensioners are struggling on limited income, and as the cost of living continues, millions are worried about making ends meet. However, the state pension may not be the only source of financial assistance available for older people.
One woman was able to substantially boost her otherwise low income after spotting a tip by Martin Lewis.
The woman, Jackie, shared with MoneySavingExpert: “After hearing Martin talk about Pension Credit, I applied.
“I was awarded a £1,500 lump sum and an extra £185 every two weeks – £4,810 a year.
“This has changed my life. No one tells you this is available and only thanks to your team am I now getting it!”
Pension Credit is designed to help people over state pension age who are on a low income to secure an important boost.
It tops up weekly income to £182.60 for singletons and joint income to £278.70 per week for those with a partner.
Some may even get extra amounts if they have other responsibilities and costs.
Pension Credit can be worth an average of £3,300 per year, showing how much of a difference it could make to someone’s life.
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Previously speaking on Pension Credit, Martin told ITV: “It is a national tragedy that up to one million pensioners are missing out on this rather substantial entitlement in many cases.
“Many of those have been paying into the system for years.
“This has been tricky for a long time to get people to claim.
“It’s pretty simple. If you are of state pension age and you have total income under £200 a week, then I would absolutely get in touch with the Pension Credit system to ask ‘Am I due money?’.
“It’s absolutely worth five minutes to check.”
However, the top up boost is not the only help Britons can receive by submitting a successful claim for Pension Credit.
Those who are in receipt of Pension Credit can also receive help with other costs.
For example, if they are 75 and over they could apply for a free TV licence.
Pension Credit claimants get Cold Weather Payments, and could get assistance with costs such as council tax and NHS prescriptions, dental treatment and glasses.
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To find out how much someone could get, they can use the Pension Credit calculator.
The tool, made available on the Government’s website, helps people to find out if they are eligible.
They will need details of earnings, benefits and pensions as well as savings and investments.
If eligible, to claim a person will need to provide:
- National Insurance number
- Information about any income, savings and investments they have
- Information about their income, savings and investments on the date they want to backdate their application to (usually three months ago or the date the person reached state pension age)
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip
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