Pension Credit is a means-tested benefit for people of state pension age or over, which tops up the weekly income of eligible claimants. However, the benefit is not paid automatically and must be claimed.
Money Saving Expert, founded by Martin Lewis, is advising state pensioners to verify their eligibility for an additional £988 annually from the Government.
Guarantee Credit serves as the main element, ensuring that a person's weekly income is augmented to a certain minimum level. Those who reached state pension age before April 2016 and have some retirement savings or a personal or workplace pension may be eligible for Savings Credit. The site further explains: " is NOT automatic so you MUST claim here's how. You can apply via Gov.uk if you've already claimed your state pension, otherwise phone the Pension Service on 0800 99 1234 . You can backdate it for three months, so the quicker you check, the quicker you'll benefit."
Those who claim Pension Credit may also qualify for additional support, such as the Government's Winter Fuel Payment. This benefit assists pensioners with heating bills during the winter, offering between £100 and £300 to those who meet the eligibility criteria.
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