A finance expert has issued advice as pensioners could be missing out on £4,500 a year. The Department for Work and Pensions (DWP) has launched a new awareness campaign, urging Brits to check of they are eligible for Pension Credit. It is not a guaranteed payment, as individual entitlement depends on someone’s circumstances. Joe Lytwyn, personal finance expert at thimbl.com, said analysis by Independent Age found that more than a million eligible older people missed out on a combined £2.5billion in 2023/24.
“For someone managing a tight retirement budget, checking could identify valuable support with everyday costs,” he added. When asked whether pensioners could qualify if they own their home, have savings or receive the State Pension, Joe said: “Yes, potentially.
“Owning your home or having savings does not automatically rule you out, and Pension Credit is separate from the State Pension. Savings and investments of £10,000 or less do not affect Pension Credit. Above that amount, savings are taken into account, but you may still qualify. Your State Pension and other pension income generally count towards the assessment. The important thing is to check your individual circumstances rather than assume you are ineligible.”
On whether receiving Pension Credit could also unlock other support, depending on individual circumstances, the expert said: “It could do. Depending on your circumstances, receiving Pension Credit could also open the door to help with housing costs, Council Tax, and heating bills.
“People aged 75 or over may qualify for a free TV licence, while those receiving the Guarantee Credit element of Pension Credit may qualify for help with NHS dental treatment and glasses. Each scheme has its own conditions, but even a small Pension Credit award could be worth checking.”
“Applications can be made online, by telephone or by post. The claim line is 0800 99 1234, Monday to Friday, 8am to 6pm. You do not need to wait for a campaign leaflet. Claims can be backdated by up to three months if you were eligible during that period, so checking promptly could help prevent missed payments.”
