Pensioners could be missing out on extra income every week – check your eligibility now

Martin Lewis viewer reveals success with pension credit

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As the cost of living continues to pose a problem for millions of British pensioners, there may be options available which could help to ease the pressure. Pension Credit offers a weekly income boost to people of state pension age who are on lower incomes.

How much is Pension Credit?

The amount of Pension Credit someone can get depends on how much income they already have.

Guarantee Credit is the core element of Pension Credit, and it provides the highest level of financial support.

It tops up pensioners’ weekly income to £177.10 if they are single or £270.30 if they have a partner.

Savings Credit is the other part of Pension Credit and pays out a lower amount for people who have more income.

It is paid to people who have saved some money for retirement, such as through a personal or workplace pension.

Savings Credit provides up to £14.04 a week to single pensioners and up to £15.71 for those with a partner.

However, Britons should be aware that it is only available to people who reached state pension age before April 6, 2016.

Claiming Pension Credit can also make an individual automatically eligible for a variety of other benefits.

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Pension Credit claimants may be able to get access to:

  • Council Tax Reduction
  • Support for Mortgage Interest if they own their property
  • Housing Benefit if they rent the property they live in
  • Help with heating costs
  • A free TV licence if they are over 75
  • Help with NHS dental treatment, glasses and transport costs for hospital appointments

Who is eligible?

People who apply for Pension Credit will have their income assessed to determine whether they are eligible and if so, how much support they can get.

The income assessed includes:

  • Earnings from employment
  • Earnings from self-employment
  • State pension
  • Other pensions
  • Most social security benefits

Those with a partner must apply as a couple, and both partners will have their income assessed.

How to apply

Britons can apply for Pension Credit online via the Gov.uk website. They will need to provide their National Insurance number when applying, as well as information about their income, savings and investments.

It is possible to apply over the phone by calling the Pension Credit claim line on 0800 99 1234.

Applications by post are also accepted.

Applications can be started up to four months before someone reaches state pension age. This could reduce the delay in getting the first payment once an individual officially becomes eligible for Pension Credit.

Those who have already reached state pension age may be able to backdate their claim by up to three months. They could therefore get up to three months of Pension Credit in their first payment.

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