Approximately 900,000 eligible state pensioners are missing out on Pension Credit payments from the Department for Work and Pensions (DWP), according to warnings from financial expert Martin Lewis. The benefit is designed to support retirees on low incomes who reached the state pension age, generally around 66 years old.
Lewis emphasized the importance of checking eligibility: “Pension Credit can be worth thousands of pounds, yet nearly a million eligible people are not claiming it. If you are single and have a weekly income below £238, you are likely to qualify. For couples where both partners are of state pension age, a combined weekly income under £363 makes you likely to be eligible.”
He advises individuals to verify their entitlement quickly either online or by phone to avoid missing out. The application process requires details such as National Insurance number, income from work and pensions, savings, and bank account information. Importantly, if an applicant has savings exceeding £10,000, every £500 above this threshold counts as an additional £1 per week income, which can affect eligibility.
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Pension Credit not only offers direct financial support but can also unlock access to other benefits such as discounts or exemptions on council tax, water bills, energy costs, TV licences, and dental care.
Applications can be submitted up to four months before reaching state pension age, with the option to backdate claims to up to three months prior.
To apply or find out more, retirees are encouraged to visit the official government website or call the designated helpline.