The Department for Work and Pensions (DWP) has announced Pension Credit Awareness Day to increase the number of people who claim pension credit.
The pension credit day of action is this Wednesday, June 15. The day’s focus will be on urging people who have reached the state pension age to see if they are qualified for pension credit. The pension credit day of action is part of a larger awareness campaign aimed at encouraging and informing retirees to take advantage of the benefits they are entitled to.
It comes as fresh data suggests that many retirees may be missing out on Pension Credit, a key financial boost of up to £3,300 per year.
Pension Credit is currently received by around 1.4 million retirees in the United Kingdom. But many people are still failing to claim this additional financial assistance, with up to £1.7 billion expected to go unclaimed.
Standard Life managing director for customer savings and investments Jenny Holt says: “We welcome this initiative to help people of pension age, and on low incomes, access this crucial but often misunderstood benefit. With the current cost of living crisis, it is more vital than ever that those worst affected by rising prices are taking up all support available.
“The DWP estimate up to 1 million pensioner households who are entitled to Pension Credit do not claim it. Official figures highlight the importance of state benefits to certain groups of pensioner households. Nearly 80 per cent of income comes from benefits, including the state pension, for the least well-off pensioner households, compared to around 15 per cent for those in receipt of the highest incomes.
“Many people mistakenly believe that if they have some savings or their own home they won’t be entitled to Pension Credit, with others worried about a perceived stigma attached to claiming. However, eligibility is wider than often assumed and Pension Credit can be a real lifeline when times are tough.
“People who claim Pension Credit may also be able to get help with heating costs, NHS services, rent and council tax and a free TV license. We would urge people to check eligibility with a benefits adviser or the Government’s online Pension Credit calculator and make sure they are receiving all possible help.”