Key Date Revealed
Over a million benefit claimants are set to get a pay rise in days, with pension credit rates increasing by 8.5% in April. This increase is due to the triple lock remaining in place, ensuring that pensioners receive a boost to keep up with the rising cost of living.
What is Pension Credit?
Pension credit is worth around £3,900 a year on average and unlocks various other benefits, including council tax reductions and help with energy costs. Many pensioners may be eligible for this support but have not yet claimed it, so it's essential to check if you qualify.
How Much are Payments Increasing By?
Retirees on a low income can see their Pension Credit payments go up from £201.05 a week to £218.15 for singles, and from £306.85 to £332.95 for couples. Additional support is available for those with disabilities, caring responsibilities, or certain housing costs.
Who is Eligible for Pension Credit?
Anyone over the state pension age living in England, Scotland, or Wales may be eligible for Pension Credit. To qualify, individuals must have a weekly income below £201.05 for single people or £306.85 for couples. It's crucial to note that the minimum income threshold for eligibility is increasing from April 8.
How Will I Be Paid?
Your benefits will typically be paid into a bank account every four weeks, and you will be required to provide your bank details when claiming. There are provisions for individuals without access to a bank account. It's important to stay informed about the exact date when these payment increases will take effect and how they will impact different benefit claimants.
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