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Martin Lewis says over 65s could be due £3,300 ‘income boost’

todayJune 15, 2022

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Over 65s in the UK could be missing out extra cash, according to MoneySavingExpert founder, Martin Lewis. And that extra money could add up to £3,300 for some.

The consumer champion announced that he’d teamed up with the Government on a campaign to assist with what he termed “a national tragedy”. Martin Lewis has claimed millions of pensioners are missing out on a major income boost.

Taking to his regular consumer email update and posting on the MoneySavingExpert website, Martin offered up three pension credit “need to knows” for those aged over 65 with an income that is less than £200 per week. Alongside this he said, “…it’s a national tragedy that getting on for a million pensioners, many of whom have been paying into the system for years, are missing out on a major income boost.”

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He claimed pensioners could be due up to £3,300 extra cash per year. Here are his top tips on how to check what money you are entitled to if you are over 65.

How to check if you are due any cash

First Martin advised that if you’re of state pension age (66 or older) and have total weekly income under roughly £200, then you should get online or call the Pension Credit helpline to see if you’re due any extra money. He said: “I’m not saying everyone in this position is due money, but many are, so if you’re in this boat, it is absolutely worth five minutes to check. And don’t worry, the worst that can happen is they say no. So don’t stall, just call.”

Pension Credit – an income ‘top-up’

Martin explained that Pension Credit is a means-tested benefit. It is made up of two parts.

  • Guarantee Credit: This tops your income up to at least £182.60/week for singles or £278.70/week for cohabiting or married couples of state pension age. You may get more if you’ve got extra ‘responsibilities’, such as a severe disability, are a carer, or look after an under 20-year-old. The average top-up is £65/week, so that’s £3,300/year.
  • Savings Credit: If you hit state pension age before April 2016 (so you’re roughly aged 71+) you may be due a top-up if you have savings, even if you’re not due Guarantee Credit – the aim was to stop those who’d put something aside for their future being disadvantaged. I’m going to explain how it works, but it is really complex, so most should just call to check.

Other perks that open up with Pension Credit

If you’re entitled to the Guarantee Credit element of Pension Credit, this also entitles you to a host of other state protections. These are:

  • £650 lump sum to help with energy bill rises (£325 paid in July, £325 autumn). The Chancellor announced this cash last month. And while for those on other benefits you needed to be claiming them at the time to be due the first payment, for Pension Credit, provided you claim by 24 Aug, it’ll be due (as long as you were state pension age by May).
  • Free TV licence for over-75s (worth £159/year)
  • Housing benefit worth £1,000s for some renters. Housing benefit is an extra sum – the amount depends on where you live and how many people you live with.
  • Council tax reduction. This can be worth up to £1,000/year.
  • Energy bill reductions. This includes £25/week cold weather payments and the £150 warm home discount.

Written by: thehitnetwork

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