Millions of pensioners living alone could be missing out on up to £4,300 annually through unclaimed Pension Credit, with new figures revealing the scale of potential support available.
The Department for Work and Pensions (DWP) recently confirmed that almost 78 per cent of new Pension Credit claims are processed within 50 working days, meaning eligible pensioners applying now could receive their first payment and any arrears by mid-September.
With 3.3 million people aged 65 and over living alone in England and Wales, plus around 337,000 single pensioner households in Scotland, the under-claimed benefit could provide financial support during the cost of living crisis.
Despite the full new state pension being worth £230.25 weekly and the Basic State Pension at £176.45, many eligible pensioners remain unaware of this additional support.
Pensioners are being urged to apply for additional DWP support
GETTYNearly 1.4 million older people across the UK, including more than 125,000 in Scotland, currently receive the means-tested benefit.
The DWP's processing timeframe means that low-income pensioners, particularly those living alone, who submit claims this month could see payments arrive by mid-September.
Many older people mistakenly believe that savings or home ownership disqualify them from the benefit, which can also unlock assistance with housing costs, heating bills and Council Tax.
To qualify for Guarantee Pension Credit, individuals must be of state pension age with weekly income below £227.10 for singles or £346.60 for couples.
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Older Britons could get a significant pension income boost
GETTYThese amounts may be higher for disabled people, carers or those with certain housing costs. Income calculations include other pensions, employment earnings, most DWP benefit payments and state pension.
However, savings under £10,000 won't affect eligibility, whilst amounts above this threshold count as £1 weekly income for every extra £500.
Benefits like Winter Fuel Allowance, Housing Benefit, Council Tax Reduction, disability payments and Child Benefit don't count as income.Even an award of just £1 per week can unlock additional support.
Pensioners can check eligibility using the online Pension Credit calculator on GOV.UK or call the helpline on 0800 99 1234, open 8am to 6pm Monday to Friday.
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Pension Credit is one of the retirement benefits administered by the DWP
PALisa Picardo, the chief business officer at PensinBee, said: "With around three in ten eligible pensioners still not applying according to the government, thousands continue to miss out on extra income that could make a real difference.
"Eligibility is often wider than assumed, particularly when considering how different forms of income such as savings interest or investment withdrawals are treated within the tax system.
"With Winter Fuel Payments now only available to those receiving Pension Credit, it’s more important than ever for pensioners to check if they qualify.
"Applying is straightforward and could mean thousands of pounds in additional support each year.”