Research reveals that many state pensioners are not claiming the benefits they are entitled to, losing an average of £1,807 each year. Nearly one in 10 pensioners who do claim are also being shortchanged, missing out on an average of £2,915 per year.
Thousands of older homeowners are missing out on substantial sums of money they are entitled to, according to recent research. Just Group's findings reveal that many state pensioners are not claiming the benefits they deserve, losing an average of £1,807 each year. Furthermore, nearly one in 10 pensioners who do claim are being shortchanged, forgoing an extra average sum of £2,915 a year.
Stephen Lowe from Just Group expressed his concern about the ongoing situation: 'Despite the focus on benefits as a result of the UK Government's decision to abolish Winter Fuel Payments for millions, our survey once again highlights the shocking extent of the under-claiming problem. 'Of the one-third of pensioner homeowners eligible for benefits, the proportion failing to claim remains very high while the amounts unclaimed are larger than for more than a decade. This is real cash that should be helping low-income pensioners manage the cost-of-living crisis.'Lowe drew attention to Pension Credit, designed to support financially vulnerable individuals. He pointed out that despite being eligible, nearly 90 percent of pensioners do not receive this crucial aid. 'The survey is based on findings from specialist equity release advisers from our sister company HUB Financial Solutions who thoroughly verify State Benefit entitlement. This ensures clients receive any income that could eliminate or reduce the need for them to release funds from their property,' he said. Lowe also noted: 'Our take-up figures for homeowners are slightly lower than the overall rates published by the government, suggesting some individuals may believe owning a home disqualifies them from receiving State support,' reports Leicestershire Live. 'These findings once again raise questions about the support and guidance available to people entering retirement and beyond. Pension Credit is not automatically paid but must be claimed - we strongly urge those who are unaware of it or assume they are ineligible to check their eligibility. It could unlock thousands of pounds of income each year.
PENSION CREDIT STATE BENEFITS UNDER-CLAIMING COST OF LIVING OLDER HOMEOWNERS
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