Money expert Martin Lewis has given an urgent warning with a two day deadline which could mean up to a million people who currently don’t claim it will miss out on vital government support. Mr Lewis, appearing on Good Morning Britain today (May 17), said that people have until Friday, May 19, to claim Pensions Credit - and still manage to get the first £301 cost of living payment.
Pension Credit is something which is aimed at the some of the poorest people in society and aims to top up their pensions to a level to help them live more comfortably. People on pensions credit potentially can get up to £3,500 a year extra so it would make a real difference.
The urgency comes because people on pensions credit are also eligible for the first cost of living payment - and the deadline to claim a backdated payout that will qualify for the first instalment of £301 is May 19. Speaking to fellow GMB host Susanna Reid today, Mr Lewis, who founded the Money Saving Expert site, said: ”This is the really important one. We’ll be doing more on this.
“Pension credit is a top up your income benefit to those on the state pension. Now, my rule of thumb to check is if you’re a single pensioner with income under £220 a week, you’re a pensioner couple with income under £320 a week. Get onto the pension credit calculator or call them up to find out if you’re entitled.
“I’m not saying you are entitled. I’m saying that’s when it’s worth checking to see if you’re entitled. But if you claim by Friday and you are eligible and there are a million pensioners eligible who aren’t claiming, then you get the £301 cost of living payment that’s being paid at the moment on top of pension credit.
“If you’re eligible for pension credit and you’re missing out, you need to check No, now, today or tomorrow or Friday at the latest, because if you are eligible, then you get that extra £301. Up to a million eligible for that.”
“Pension Credit is potentially worth up to £3,500 a year for the poorest people in the country - but in order to claim a backdated payout that will qualify for the first instalment of the Government’s cost of living payment, people only have until May 19.”
People will be eligible for the Cost of Living Payment if they have been entitled to a payment for one of seven benefits between 26 January and 25 February 2023.
The eligible benefits are: Universal Credit; Pension Credit; Income-based Jobseekers Allowance; Income-related Employment and Support Allowance; Income Support; Working Tax Credit; and Child Tax Credit. The Department for Work and Pensions (DWP) will send payments automatically and directly to recipients’ bank accounts, with a reference of their National Insurance number followed by ‘DWP COL’. To apply for Pensions Credit click here.
