Martin Lewis has today issued an urgent warning that people only have two weeks left to claim a benefit which could transform their lives. 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.
Pension Credit claimants are entitled to the cost of living payment, the first £301 of which is currently being paid out. It’s estimated that 850,000 pensioners are currently not claiming the benefit when they should be.
Speaking on Good Morning Britain Mr Lewis, who founded the Money Saving Expert site said: “Pension credit is a top up benefit that helps those who are of state pension age who are not getting enough income. Now. I’ve long been saying there are one million state pensioners in the UK eligible for pension credit who do not claim it, and that is an absolute tragedy.”
Read more: DWP: Pensioners warned of urgent deadline for £301 cost of living payment they could miss out on
Mr Lewis said that failing to claim the benefit they’re entitled to in time would mean they would lose out on the first cost of living aid. He explained: “They’ve paid into their system for all of their lives, and they’re not getting this important top up. But there’s a really crucial note going on right now because while the current cost of living payment, the benefits cost of living payment, if you like, has already started being paid out.
“And for most people the eligibility date is over. Pension credit is the one area where you can back data claim. So what this means in practise is if you are eligible for pension credit, you will get that £301 and you’ve got until the 19th of May in order to claim pension credit and get 301 quid.
“So simply by claiming pension credit, even if you’re only entitled to a small amount of it, you would get the £301.” The Department of Work and Pensions (DWP) has warned that many OAPs only have a short period of time to check their eligibility before they will lose out.
Mr Lewis explained who is eligible: “If you are single, a single person of state pension age with total weekly income under £220 or you are a couple a state pensioner couple, both of you must be state pensioners with total weekly income into £320. Then do not stall. Just call. And what I mean by that actually go online because it’s a bit easier.
“What happens is it tops your income up to £201 if you’re a single pensioner and £306 if you’re couple but because there are certain areas - so if you’ve got caring responsibility, if you’ve got disabilities - where you may get a little more, that’s why I’m saying £220 or below as a single pensioner, £320 or below as a pensioner couple. If that’s you, get online to the pension credit calculator. Call them up. If you’re not happy with doing it online, don’t stall. Just call. Or don’t bide your time. Get online.”
The DWP added for those in need of help: “Those in need are also encouraged to contact their local council to see if any additional support is available in their local area, such as through the DWP’s Household Support Fund in England, worth over £2 billion across its lifetime.”
Those eligible for the cost of living payment will be paid until Wednesday 17 May. 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.
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