Missed Opportunities
Thousands of pensioners in the UK have been given a 30-day notice to claim an additional £201 per week, as well as a one-off £300 direct payment. While 1.4 million pensioners are already receiving pension credit, there are an estimated 850,000 more who are eligible for this benefit but have not claimed it. This means that these households are missing out on a significant amount of financial support.
Cost of Living Payments
Aside from the weekly £201, eligible pensioners may also miss out on two cost of living payments worth £300 and £299. The second installment of the payment has already been deposited into the bank accounts of eligible households, while the third installment will be distributed in the spring of 2024. Normally, these payments are automatically given to those who qualify for the tax-free benefit. However, pensioners now have 30 days to claim pension credit in order to receive the cost of living payments.
Act Now to Avoid Missing Out
The Department for Work and Pensions (DWP) is urging eligible pensioners to check their eligibility for pension credit within the next 30 days. By making a claim over the phone before December 8, or online before December 10, pensioners can ensure that they receive the cost of living payments. It is important to note that the qualifying period for these payments is between August 18, 2023, and September 17, 2023. Even if pensioners were eligible for just one day within this period, they will still receive the cost of living payment.
Who is Eligible for Pension Credit?
Pension credit is available to anyone over the state pension age living in England, Scotland, or Wales. Currently, the state pension age is 66 for both men and women. To qualify for pension credit, single individuals must have a weekly income of less than £201.05, while couples must have a weekly income of less than £306.85. Eligibility is determined by various factors, including state pension, other pensions, social security benefits, savings, investments, and job earnings. There are some social security benefits and allowances that are not included in the calculation.
Pension Credit Application Process
Applications for pension credit can be made up to four months before reaching the state pension age. To apply, individuals need their National Insurance number, information about their income, savings, and investments, as well as their partner's information if applicable. Pension credit can be applied for online or by calling the pension credit claim line.
Payout and Benefits
Pension credit benefits are usually paid into a bank account every four weeks. While bank account details are required during the application process, concessions may be made for individuals who do not have access to a bank account. In addition to the guarantee credit, which tops up weekly income to a minimum level, eligible pensioners may also receive savings credit and additional pension credit for disabilities, caring responsibilities, or certain housing costs.
By claiming pension credit within the 30-day period, eligible pensioners can unlock additional financial support and ensure they receive the cost of living payments. Don't miss out on this opportunity to boost your income.
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