Households missing out on £1,000 a year in Pension Credit are urged to check

The Government is keen to boost take up of the benefit but many pensioners believe they do not qualify because they own a property.

However, a single pensioner getting by on an income of less than £201.05 a week or a couple with under £306.85 a week could be eligible even if they’re homeowners with savings of up to £10,000.

And the third of owners failing to claim are losing out on an average of £1,153 of extra income every year, according to retirement specialist Just Group.

READ MORE: ‘Untenable’ prices making UK essentials costlier than in EU counterparts

Its analysis shows that only 64 percent of pensioner homeowners eligible for Guarantee Pension Credit were claiming. 

An additional survey of more than 1,000 over 65s showed that another third of over 65s have never checked if they are entitled to extra benefits.

A further 14 percent are unsure or unable to remember when they last checked.

“Pension Credit is a very valuable benefit for retirees and it is good to see the government taking proactive steps to boost awareness and take up,” said Stephen Lowe, of Just Group.

“As the cost-of-living pressures like rising food and energy prices are still squeezing pensioner budgets, it is crucial that those most at need are not missing out on the important income boost that Pension Credit can provide plus the additional benefits that are unlocked by claiming it.

“People should not assume that because they own their home, they are no longer eligible for State Benefits.”

This week is the Pension Credit Week of Action, driven by the Department of Work and Pensions, to encourage more pensioners to claim what is known as the ‘gateway benefit’ because it unlocks access to further financial help such as free TV licences and council tax reductions.

As much as £1.7m goes unclaimed and the overall Pension Credit is worth upto £3,500 a year.

*The government provides free information via https://www.moneyhelper.org.uk/en