Warning issued as hundreds of thousands could be missing out on £3500

With the cost of living going higher by the day, most Brits would appreciate any government assistance that they could get. One group of people who risked living rough with limited finances is pensioners. Now, a financial expert is warning that hundreds of thousands of seniors are missing out on money they could be claiming through their state pension.

Pension credit

During a 90-minute special on ITV, financial journalist and money saving expert, Martin Lewis threw more light on a component of pensions that some pensioners could be eligible for, according to My London. Pension credit is a form of assistance set aside to support people who receive state pensions but have minimal income. The UK government site, gov.uk explains it as:

Pension Credit gives you extra money to help with your living costs if you’re over State Pension age and on a low income. Pension Credit can also help with housing costs such as ground rent or service charges.

According to Lewis, about 800,000 people are missing out on receiving as much as £3,500 a year.

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Worth a try

To be eligible for this, one must firstly live in England, Scotland or Wales and have reached State Pension age, the government website states. Other considerations are related to your level of income. For instance, you may be eligible if

• your weekly income to £182.60 if you’re single
• your joint weekly income to £278.70 if you have a partner

You could still be eligible even if your income is higher. According to the government:

You might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings, or you have housing costs.

You may also get extra amounts if you have other responsibilities and costs. The top-up and extra amounts are known as ‘Guarantee Credit’, gov.uk adds.

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Sources used:

Gov.UK: Pension Credit: Overview

My London: Martin Lewis warns that 800,000 people could be owed £3,500 in pension credits