Martin Lewis viewer reveals success with pension credit
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Many people will look towards the state pension to support them in retirement. However, there is another payment which could provide additional help to older individuals.
Pension Credit is designed to assist those of state pension age who are on a low income.
Experts estimate Pension Credit is worth £3,000 on average each year, which could make a huge difference to someone’s finances.
It can help with living costs, as well as housing costs such as ground rent or service charge.
The payment can be received even if a person has other income, savings or their own home.
It is separate entirely from an individual’s state pension.
Importantly, Pension Credit rates are set to increase from next month onwards.
All benefits and payments undergo a change at the start of each tax year.
Consequently, Britons may want to make note of the difference, as they could receive more from the Government.
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For the coming financial year, weekly income top-ups will be increased for both singletons and those in a couple.
The weekly income top up for single people will rise from its current level of £177.10 to £182.60.
Joint weekly income for those with a partner will rise from £270.30 to £278.70.
Britons may also be entitled to additional forms of support if they claim Pension Credit.
This includes a free TV licence for those aged 75 and over, as well as council tax reduction.
Older people could get help with housing costs, heating costs, and even NHS dental treatment as well.
This is why Pension Credit is often described as a “gateway benefit”.
To apply for Pension Credit, individuals will need certain information to hand.
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- National Insurance number
- Information about any income, savings and investments a person has
- Information about income, savings and investments on the date they wish to backdate their application to
Those who apply by phone or by post will also need to provide their bank account details.
An application for Pension Credit can be made at any time after individuals reach state pension age.
However, Britons should be aware the sum can only be backdated by three months.
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