Insurers have been supportive of a new Department of Work and Pensions initiative designed to increase the uptake of pension credit.
It is hoped Pension Credit awareness day — which is today (June 15) — will encourage more pensioners to claim this benefit, which could provide additional financial support at a time of rising food and fuel bills.
It is estimated that currently one in three pensioners who are entitled to this some level of pension credit do not claim this benefit. This means some 800,000 pensioners are missing out on top-ups to their state pension.
Currently around 1.4m people claim some level of pension credit, with women twice as likely as men to claim.
Pension credit guarantees topping up weekly income for a single pensioner to £182.60, and for a pensioner couple to £278.70. A successful claim for Pension Credit can also open the door to receiving other state benefits.
Canada Life technical director Andrew Tully says: “I’d encourage anyone who thinks they may even have an outside chance of making a successful claim to check their eligibility for this very important benefit. Not only does claiming pension credit guarantee a top-up to a basic minimum income for all eligible claimants, importantly it unlocks the gateway to other benefits including help with heating bills, council tax and free TV licences. This awareness campaign comes at a crucial time as pensioner households face a worsening cost-of-living crisis.”
Emma Byron, managing director, Legal & General Retirement Solutions says the insurer supports the DWP campaign to boost awareness of this benefit. “One in three pensioners who could get pension credit are not claiming it. The bottom line for people in retirement is paying for the basics, such as gas and electricity, and this weekly benefit means vital extra cash to help with day-to-day costs.”