Time is running out for thousands of households to claim a £299 cost of living payment, along with other perks. Pensioners who receive pension credit are eligible for this payment, which can also unlock benefits such as a free TV licence for those aged 75 or older. However, there are around 850,000 pensioners who are eligible but haven't claimed this benefit yet. The payment is set to be made between February 6 and February 22, so it's crucial to act fast.
Who is Eligible for Pension Credit?
Pension credit is available for people over the state pension age, living in England, Scotland, or Wales. Couples must both be over retirement age to apply. To qualify, weekly income must be below £201.05 for single people or £306.85 for couples. Income includes state pension, other pensions, social security benefits, savings or investments over £10,000, and job earnings. Certain benefits like attendance allowance and housing benefit are not included in the calculation.
How Much Can I Get in Pension Credit?
There are two parts to pension credit: guarantee credit and savings credit. Guarantee credit tops up weekly income to a minimum level of £201.05 for single people or £306.85 for married couples. Savings credit provides extra money for retirement savings, with an additional £15.94 for singles or £17.84 for couples. Additional pension credit is available for disabled individuals, those with caring responsibilities, and certain housing costs.
How Do I Apply?
You can start your application up to four months before reaching state pension age. Applications can be made on the government website or by calling the pension credit claim line. You'll need your National Insurance number and information about income, savings, and investments for yourself and your partner (if applicable). Claims can be backdated for up to three months.
What Else Can You Get on Pension Credit?
Pension credit is a "gateway" benefit that opens up discounts and freebies. It can help with housing benefit, council tax discounts, cost of living payments, and the Warm Home Discount scheme. Additionally, if you're 75 or over, it can provide a free TV licence. Don't miss out on these valuable benefits – claim your pension credit now!
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