Pensioners could be missing out on a benefit “worth much more than the Winter Fuel Payment”.
Although the deadline to claim Winter Fuel Payment via Pension Credit has passed, Britons are urged to still apply.
Pension Credit guarantees a minimum weekly income of £218.15 for single pensioners and £332.95 for couples, with increases due from April next year.
Those who qualify for Pension Credit can access additional support that could be worth more than the Winter Fuel Payment, including help with housing costs, Council Tax reductions and NHS services.
For those who reached State Pension age before April 6, 2016, an additional Savings Credit portion could provide up to £17.01 weekly for singles and £19.04 for couples.
Sarah Pennells, consumer finance specialist at Royal London, said: “Although the restriction of the Winter Fuel Payment has encouraged many thousands to apply for Pension Credit, other benefits that you could be able to claim because you’re receiving Pension Credit, such as help with housing costs through Housing Benefit and a reduction in Council Tax, could be worth much more than the Winter Fuel Payment.
Pension Credit guarantees a minimum weekly income of £218.15 for single pensioners
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Around 880,000 households across the UK are eligible for Pension Credit but have yet to claim this vital support.
To claim the support, applicants must live in England, Scotland or Wales and have reached State Pension age to qualify.
Research by Royal London reveals that 21 per cent of pensioners are unaware they would be entitled to additional benefits if they qualified for Pension Credit.
The benefit can be particularly valuable for those with caring responsibilities or disabilities, who might receive additional support.
Despite the Winter Fuel Payment deadline having passed, pensioners can still check their eligibility and apply for Pension Credit through the Gov.uk website, by post, or phone. Free online benefit calculators are available to help check qualification status.
Claiming Pension Credit unlocks access to numerous additional benefits, with many pensioners unaware of the full range of support available:
- A staggering 93 per cent are unaware of discounts on Royal Mail redirection services when moving house.
- More than half (57 per cent) don’t know about potential help with rent costs through Housing Benefit.
- Nearly half (47 per cent) are unaware of support for NHS dental treatment, glasses and transport costs.
- Help with Council Tax through the Council Tax Discount remains unknown to 43 per cent of pensioners.
- For those aged 75 or older, 41 per cent are unaware they could receive a free TV Licence when claiming Pension Credit.
Pennells continued: “There is still a significant gap in awareness around Pension Credit and the other benefits that claiming it entitles people to.
“But our research also found that there is a sense of embarrassment associated with applying for benefits, when there should be absolutely no shame in accepting help.”
To support pensioners, Royal London has partnered with social enterprise Pocket Power to offer free 30-minute phone consultations. These calls provide bill switching services and assistance with Pension Credit applications.
On average, each Pocket Power consultation helps save £250, offering vital support during winter months.
The vast majority (93 per cent ) report using various benefit, offer and discount schemes available at retirement.
Yet there remains a significant gap between those eligible for support and those claiming it, with many missing out on valuable financial assistance.
Pennells concluded: “The easiest way to check if you qualify for Pension Credit is to use one of the free online benefit calculators, and, once you know that you can claim, you can apply via the Gov.uk website, post or phone.”