State pensioners issued new £4,500 warning
A finance expert has issued advice as pensioners could be missing out on £4,500 a year. The Department for Work and Pensions (DWP) has launched a new awareness campaign, urging Brits to check of they are eligible for Pension Credit. It is not a guaranteed payment, as individual entitlement depends on someone’s circumstances. Joe Lytwyn, personal finance expert at thimbl.com, said analysis by Independent Age found that more than a million eligible older people missed out on a combined £2.5billion in 2023/24.
TL;DR
- Over a million eligible older people missed out on £2.5 billion in Pension Credit in 2023/24.
- Eligibility for Pension Credit depends on individual circumstances, not solely on home ownership, savings, or State Pension receipt.
- Savings and investments up to £10,000 do not affect Pension Credit eligibility; amounts above this are considered but may still allow qualification.
- Pension Credit can unlock further support, including help with housing costs, Council Tax, and heating bills.
- Those 75 or over might qualify for a free TV licence, and recipients of Guarantee Credit may get help with NHS dental treatment and glasses.
- Eligibility can be checked via the official calculator, and applications can be made online, by phone, or post.
- Claims can be backdated up to three months.