The Money Saving Expert is urging state pensioners to check if they are eligible for Pension Credit, which could mean they receive £218 a week or £11,300 a year
Money-saving guru Martin Lewis is on a mission to ensure state pensioners don’t miss out on a hefty £11,300 boost by simply picking up the phone.
With the Winter Fuel Allowance now means-tested, many pensioners who previously received the £300 bonus will find their pockets empty this season. The situation is made grimmer with the scrapping of the £300 Cost of Living payment for pensioners, leaving them financially stretched to cover winter expenses.
Martin Lewis has advised pensioners to see if they qualify for Pension Credit, which could replenish at least £300 of their funds with just one call, the Express reported.. He warned: “It’s become more crucial than ever [to claim Pension Credit] because Winter Fuel Payment up to £300 payment is now dependent on Pension Credit.
“Pension Credit, now I’ve been shouting about this here and everywhere and on my site for many years and it is chronically underclaimed. The most important thing I can say to everybody watching who may be eligible is those over 66 but also right across society, is many of our most vulnerable people are not claiming this crucial payment and we collectively have a responsibility to try and let them know about it.”
He advises that single pensioners earning less than £235 weekly and couples below £350 should investigate their eligibility for the benefit.
Martin Lewis has shared some crucial advice for pensioners, highlighting the potential benefits of Pension Credit. He explained: “If you’re a single pensioner and you have total weekly income under £218 a week, you will likely get it, if it’s under £235 a week you will maybe get it but it’s still worth checking. Under £333 you’re likely to get it, under £350 there’s a chance.”
However, he noted that those with a non-state pensioner partner can’t claim in the same way, but may be eligible if their partner is on Universal Credit. Martin also pointed out the impact of savings on eligibility: “The most complicated thing is, total weekly income is any money from work, private pension, state pension and any benefits are included, plus if you have over £10,000 savings or investments, then for every £500 you are over that they count that as £1 a week income.”
He added, “Which actually works out at a 10 percent return, chance’d be a fine thing. Let’s make this really simple: if you’re a low income pensioner and you don’t get pension credit, just go online and do the calculator. Or if online scares you, just call up the pension credit hotline and just talk to someone.”
“You will not be told off for asking if you’re due pension credit. If you’re not due pension credit, they’ll just tell you you’re not due it.”
