Martin Lewis has urged thousands of people to check if they are missing out on a massive benefits top-up. The founder of Money Saving Expert made the plea to pensioners on his ITV Martin Lewis Money Show which returned to screens on Tuesday, June 13.
The financial journalist said an estimated 800,000 people over the state pension age on low incomes were estimated to be missing out on pension credit and that it was a "national tragedy" that so many people were being deprived of extra money in the cost-of-living crisis.
"These are some of the poorest people in the country who have been paying into the system for years," he said. A report in January by the Older People’s Commissioner for Wales estimated that around 80,000 people in Wales were missing out on the payment, which Mr Lewis described as a "gateway benefit" to further support with an average top-up of £3,500 each year for those who qualify.
Read more: Martin Lewis appeal to 45-70 year olds on boosting pension 'by £10,000s'
Here is everything you need to know about pension credit including how to get it, and how much you can get. To get all the latest money-saving news straight to your inbox twice a week sign up here.
How do I know if I qualify for pension credit?
If you are over 65 and reached state pension age before April 6, 2016, you could still qualify for pension credit if your weekly income is less than:
- £240.90 if you are single
- £351.45 if you are a couple
These figures are from the Department for Work and Pensions (DWP) and are higher than those given by Martin Lewis on his show. This may be due to pension credit being uprated by 10.1% in April like other benefits. Mr Lewis urged people to check if they are eligible even if it is only for a small amount, as he said it was a "gateway benefit" that “opens up a massive door” to other support including council tax reductions, help with housing and heating costs and even eligibility for the two remaining cost-of-living payments amounting to £599 between now and next spring.
How much will I get?
The 2023/24 pension credit rates are as follows:
- Single: £201.05 (from £182.60)
- Couple: £306.85 (from £278.70)
How do I get pension credit?
Mr Lewis encouraged people to check the pension credit calculator on GOV.UK here or to call the helpline directly on 0800 99 1234 to find out if they are eligible.
You will need your National Insurance number, information about your income, savings and investments and your bank account details, if you’re applying by phone or by post. You can apply online here if you have already claimed your state pension and if there are no children or young people included in your claim.
You can apply up to four months before you reach state pension age and any time after, although you can only backdate your claim by up to three months. If you’re backdating your claim, you’ll need details of your income, savings and investments on the date you want your claim to start.
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