The average Pension Credit award is worth more than £3,500 per year, according to the Department for Work and Pensions (DWP), and it can also lead to extra support.
Millions of households received a £300 cost of living payment in the past eight days, worth £2.2billion, and people entitled to Pension Credit could still be able to get it if they act fast.
Pension Credit recipients, who got the benefit within a certain time frame, could get the £300 cost of living payment
People getting qualifying means-tested benefits between August 18 and September 17 can get the payment.
Pension Credit claims can be backdated by three months, which means low-income retirees still have time to make a claim and benefit from the latest cost of living payment.
Tom Selby, head of retirement policy at AJ Bell, commented: “Anyone entitled to Pension Credit for even one day from August 18 to September 17 will benefit from the full £300 cost-of-living payment, but crucially it is up to the individual to make the claim.
“The DWP estimates hundreds of thousands of households that could be eligible for Pension Credit fail to claim the benefit they are entitled to.
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“This not only means people risk missing out on cost-of-living payments but financial support of £3,500 a year on average. In addition, Pension Credit acts as a gateway to other valuable benefits, such as help with heating costs and housing benefit.
“If you haven’t made a Pension Credit claim for the latest cost-of-living payment qualifying period, there’s still time, because you can backdate your claim by up to three months.”