Are you a state pensioner struggling to make ends meet? You could be missing out on a vital financial boost, according to money-saving expert Martin Lewis.
Pension Credit: A Lifeline for Many
Martin Lewis is urging pensioners to check if they’re eligible for Pension Credit, a benefit that can provide an extra £11,300 a year for some. He says: “It’s become more crucial than ever [to claim Pension Credit] because that Winter Fuel Payment, the up to £300 payment that used to go to every pensioner, is now dependent on Pension Credit.”
Who Is Eligible?
Pension Credit is available to pensioners with low incomes. Here’s what you need to know:
- Single pensioners: If your total weekly income is under £218, you’re likely to get it. If it’s under £235, it’s still worth checking.
- Couples: If both partners are state pensioners and your combined weekly income is under £333, you’re likely to get it. If it’s under £350, it’s still worth checking.
- Partners not receiving a state pension: If your partner isn’t a state pensioner but is claiming Universal Credit, you may still be eligible.
What Counts as Income?
Your total weekly income includes any money from work, private pensions, state pensions, and benefits. It also includes savings and investments, with every £500 over £10,000 being counted as £1 a week of income.
How to Claim
Martin Lewis suggests two simple ways to check if you’re eligible:
- Online Calculator: Use the online Pension Credit calculator to quickly find out if you qualify.
- Phone Call: If you’re not comfortable using the online calculator, simply call the Pension Credit hotline and speak to someone. You won’t be told off for asking!
Don’t Miss Out!
Pension Credit is a vital lifeline for many pensioners. With the cost of living soaring, this extra money could make a huge difference to your finances this winter and beyond. Take Martin’s advice and check if you’re eligible. You might be surprised at what you’re entitled to!