State pensioners could boost weekly income by £279

Recent data shows that around 850,000 families are missing out on Pension Credit, a benefit payment which state pension age people may be eligible for. The Government is encouraging pensioners to claim Pension Credit as soon as possible to receive a weekly income boost of up to £279.

Stephen Lowe, a group communications director at Just Group, noted just how many people are losing out on this vital support.

He explained: “Pension Credit is designed to top-up the incomes of the poorest pensioners but a third of those entitled to claim – about 850,000 families – are failing to claim. There is up to £1.7billion of cash that is not being received, an average of around £1,900 a family.

“The human story to this is the hundreds of thousands of people who are struggling to make ends meet who may not realise financial help is available or do not know how to navigate the system.

“Pensioners are facing a steep increase in inflation which could rise to over seven percent this year according to the Bank of England – that would outstrip by some margin the one-off ‘double lock’ state pension increase of 3.1 percent that is coming in April.”

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The retirement expert noted how people can check their eligibility for support which can top up their pension income.

Mr Lowe added: “As the cost of living crisis starts to bite, and with pensioners heavily impacted by rocketing energy bills, it is more important than ever that people who may be struggling for income are aware of the benefits available to them and how they can claim.

“There are a range of free resources to help people and families can use a variety of online resources to check if they suspect elderly relatives may be missing out on valuable help. 

“The Government website has links to useful third-party calculators while other sources are Citizens Advice, local councils and charities.”

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What is Pension Credit?

This particular benefit for older people is administered by the Department for Work and Pensions (DWP).

Specifically, Pension Credit is accessible to households on the state pension who are on low income.

The payment awards a financial top-up to pensioners which helps with their living and housing costs.

On top of this, extra money is available to those who have responsibilities, such as being carers, or the disabled.

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Once this rate hike is implemented, single claimants will see their weekly income topped up to £201.05.

Furthermore, couples who claim Pension Credit together shall receive a weekly sum of £306.85.

Older households on the new state pension will receive a rate rise which will take their annual payments to over £10,000 with the triple lock return.

Other pensioner benefits which will get a 10.1 percent rate increase to payments include Attendance Allowance.