Martin Lewis issues urgent warning to hundreds of thousands of pensioners missing out on ‘superpower’ benefit worth £3,900 a year
HUNDRED of thousands of families are missing out on vital pension credit payments worth up to £3,900 annually, according to new figures from the Department for Work and Pensions.
The benefit goes to those who've reached State Pension age, which is currently 66, whose weekly income is less than £201.05 if you’re single, or £306.85 for couples.Those who have a higher income may still be eligible if they have a higher income but have others costs like housing, a disability, or even savings.
This change, aimed at addressing a £22billion deficit in public finances, is expected to reduce the number of recipients of the £300 winter fuel allowance from 11.4million to just 1.5million.Martin Lewis warns against paying common bill monthly - & credit card's cheaper There is also another element to Pension Credit called savings credit. To get this, you need to have saved some money towards your retirement.If you have more than £10,000 in savings, the government uses a calculation to work out how much it adds to your income.
Morrissey added that the recent focus on linking pension credit to the winter fuel payment may drive further increases in applications. Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234.National Insurance numberInformation about your income, savings and investments on the date you want to backdate your application to If you claim after you reach pension age, you can backdate your claim for up to three months.
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