Eight out of 10 people over State Pension age are missing out on benefits they are entitled to.
A new report indicates that people over State Pension age are missing out on thousands of pounds of extra income by failing to claim their full entitlement to key means-tested benefits from the Department for Work and Pensions . Just Group’s 15th annual State Benefits insight report found that eight in 10 pensioner homeowners were failing to claim any of the benefits they were eligible to receive, missing out on an average of £1,807 a year extra income.
The research is based on in-depth fact-finding interviews with clients seeking advice on equity release during 2024. It shows 33 per cent were entitled to one of the key benefits. Of those eligible, nearly eight in 10 were not claiming any benefit and one in 10 were claiming less than they were entitled to.
State Pension News Main unclaimed benefits Guarantee Pension Credit is the main benefit targeted at helping low-income pensioners. It was being claimed by only one in 10 of those pensioner homeowners who were eligible. Households failing to claim were losing an average £1,391 extra income per year. UK Government Updates The latest UK Government estimates suggest that in 2022/23 take-up of Guarantee Pension Credit was 72 per cent and take-up of Savings Pension Credit was 42 per cent. Overall, 760,000 pensioner families entitled to receive Pension Credit did not claim, totalling about £1.5 billion or around £1,900 a year for each family on average.
Latest Benefits News Who can claim Pension Credit? There are two types of Pension Credit - Guarantee Credit and Savings Credit. How to check eligibility for Pension Credit Older people, or friends and family, can quickly check their eligibility and get an estimate of what they may receive by using the online Pension Credit calculator on GOV.UK here.
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