Finance guru Martin Lewis has set out how people can still qualify for an extra £301 from the Department for Work and Pensions (DWP). The Money Saving Expert founder has advised pensioners on how they can get hundreds in cost of living support as the deadline approaches.
As of Tuesday, May 9 there are just ten more days to claim pension credit while still qualifying for the latest £301 cost-of-living instalment, which the DWP began giving to means-tested benefits claimants in April. Millions are expected to receive the payment by May 17 as part of an overall £900 government support package between now and next spring.
Provided a successful pension credit claim is made before 19 May, it can be backdated for up to three months so long as the applicant was also eligible to receive it during that time. To get all the latest money-saving news straight to your inbox twice a week sign up here.
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Martin, 50, appeared on last week's edition of Good Morning Britain's 'Wallet Wednesdays' to encourage one million eligible pensioners to make a claim for the extra cash. He said: "Pension credit is a top up benefit that helps those of state pension age who are not getting enough income. Now, I've long been saying there are one million pensioners in the UK eligible for it who do not claim it. It's an absolute tragedy. They've paid into the system for all of their lives and they're not getting this important top-up."
If pensioners do not apply for pension credit before the deadline and don't have another qualifying benefit, they will not receive either payment. Therefore Martin stressed how important it is for eligible people to make the application as soon as possible. He said: "While the current cost-of-living payment has already started being paid out and for most people the eligibility period is over, pension credit can be backdated, so what this means is if you are eligible you will get that £301 and you've got until May 19 in order to claim. Simply by claiming pension credit, even if you're only entitled to a small amount, you will get the £301."
Pension credit is designed to help people over state pension age and on a low income with daily living costs. However you do not need to be in receipt of state pension to receive it. It tops up a person's income to a minimum of £201.05 per week for single pensioners and to £306.85 for couples or more if a person has a disability or caring responsibilities.
Worth on average over £3,500 a year, even a small pension credit award can provide access to a wide range of other benefits – such as help with housing costs, council tax or heating bills – in addition to the extra cost of living payments, worth up to £900 this financial year.
Minister for Pensions Laura Trott said: “Pension credit can make a real difference and I am determined to make sure this support – worth an average of £3,500 a year – is reaching everyone who needs it, particularly as we know how much pressure households across the country have been under. Please check if you or your loved ones can claim for this extra support, and if you do it by 19 May you could qualify for the £301 cost of living payment – giving another financial boost to those who need it most.”
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