Pensioners could see £9,000 income boost with access to eight more benefits worth thousand
Therese Coffey outlines the benefits of Pension Credit scheme
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Britons may be missing out on an income boost which could top up their annual income to £9,000. Pension Credit could also entitle people to a host of other benefits and discounts.
Pension Credit is a benefit provided by the Department for Work and Pensions (DWP) to people who are over state pension age and on a low income to help with living costs. It is completely separate from the state pension, and can be received even if people have other income or savings.
It is believed around 1.5 million pensioners currently receive Pension Credit, but plenty of people could still be missing out, as this figure is understood to represent just 60 per cent of the people who could claim.
How much is Pension Credit worth?
The Guarantee Credit element of Pension Credit can top up single people’s weekly income to £177.10, which adds up to £9,209.20 per year.
Those who have a partner could see their joint weekly income increase to £270.30, or £14,055.60 per year.
The other element of Pension Credit is Savings Credit, which is only available to people who reached state pension age before April 2016.
Anyone looking to claim Savings Credit must have a weekly income of at least £153.70 a week, or £244.12 a week for those claiming as a couple.
Single recipients of Savings Credit could get up to £14.04 in additional income each week, which adds up to £730.08 per year. People who have a partner can receive up to £15.71 per week, which is equivalent to £816.92 per year.
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Pension Credit recipients could also be entitled to other forms of financial help, with the following benefits possibly available:
Free TV licence for over-75s
Council Tax Reduction
Cold Weather Payments
Warm Homes Discount
Free NHS dental treatment, prescription, glasses and transport costs for hospital appointments
Support for Mortgage Interest
People may also be able to claim additional amounts of Pension Credit if they have other responsibilities and costs.
For example, those who have a severe disability could get an extra £67.30 per week, if they receive any of the following benefits:
Armed Forces Independence Payment
The middle or highest rate from the care component of Disability Living Allowance (DLA)
The daily living component of Personal Independence Payment (PIP)
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