1 week Ago By Karim Camara
MARTIN Lewis' MSE has revealed that nearly a million Brits could be missing out on payments up to a whopping £11,300. As thousands of pensioners worry about their financial security this winter, the MSE team urged elderly Brits to check out a little-known, under-claimed scheme. 1 Martin Lewis' MSE has revealed nearly one million Brits are eligible for pension credit Credit: Rex The money experts have revealed that millions of Brits could be eligible for pension credit .
Around one million households that are entitled to the payment, currently don't recieve it, according to the MSE's website. Single pensioners with a weekly income below £218, or couples with a combined income under £332, are generally eligible for the payment. However, some households earning above those thresholds have still successfully claimed the payment.
read more on money THE HEAT IS ON All the help you can get with energy bills worth thousands as costs rise HOME MOAN I can't sell my flat due to dodgy cladding - I'm one of thousands trapped Those with no state pension can recieve maximum payout of £218 a week - addding up to a whopping £11,300 a year. The scheme is only available to the lowest-income pensioner households, with many still expected to struggle after the winter fuel payments end. To check eligibility, Martin Lewis' MSE recommends contacting the Pension Credit helpline or going online to see the full criteria.
If a household successfully claims Pension Credit, they can also access a free TV licence, a reduction on council tax worth up to £1,000 a year, and a Warm Home Discount, which sees £150 slashed off their energy bills. Most read in Money 'SO SAD' 'Gutted' cry brides as Scots wedding shop announces closure & launches huge sale SHOP TO IT 'Brilliant' say shoppers as major retailer to bring back price match TOMORROW SO COSY Primark shoppers rave about 'soft' winter essential scanning for £6 instead of £14 BASKET CASE Full list of shops going cashless including major supermarket locations Martin Lewis' MSE said: "If you're a single pensioner and you have total weekly income under £218 a week, you will likely get it, if it's under £235 a week you will maybe get it but it's still worth checking. "If you're a couple - both of you are state pensioners living together - then my rule is you should check if it's under £350 total weekly income.
Martin Lewis issues urgent pension warning as families lose £1,000s every year "Under £333 you're likely to get it, under £350 there's a chance." We've explained everything you need to know about the benefit and how to apply below. Who is eligible for pension credit? Pension credit is available to people over the State Pension age, currently 66, who live in England, Scotland or Wales.
To qualify, you need to have a weekly income of less than £218.15 if you are single and £332.95 if you are in a couple.
Your income is worked out taking into account various elements, including: Your state pension Any other pensions you have saved, for instance, workplace or private pension savings Most social security benefits, for example, carer’s allowance Any savings or investments worth over £10,000 Earnings from a job It's worth noting that the calculation does not include: Attendance allowance Christmas bonus Disability living allowance Personal independence payment Housing benefit Council tax reduction How do I apply for pension credit? YOU can start your application up to four months before you reach state pension age. Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234. You can get a friend or family member to ring for you, but you'll need to be with them when they do.
You'll need the following information about you and your partner if you have one: National Insurance number Information about any income, savings and investments you have Information about your income, savings and investments on the date you want to backdate your application to (usually three months ago or the date you reached state pension age) If you claim after you reach pension age, you can backdate your claim for up to three months. How much can I get? There are two parts to the benefit and pensioners can be eligible for one or both parts - here are the current rates for the tax year: Guarantee credit - tops up your weekly income to a guaranteed minimum level. This is £218.
15 a week if you're single and £332.95 a week for married couples. Savings credit - provides extra money if you've saved money towards retirement.
You can get an extra £17.01 a week for a single person or £19.04 a week for a married couple.
You can also get additional pension credit if you have a disability, caring responsibilities or have to pay certain housing costs such as mortgage interest payments. As an example, you can get either £66.29 a week or £76.
79 a week for each child you're responsible for. What else can you get on pension credit? Pension credit is known as a "gateway" benefit as it opens up a host of other discounts and freebies. If you claim it, you might be able to get help with housing benefit, if you are in rented accommodation, as well as a council tax discount.
It also makes you eligible for cost of living payments and the Warm Home Discount scheme. If you're 75 or over, it can open up a free TV licence too . Read more on the Scottish Sun RENDEZVOUS RIDDLE Defoe enjoys 20-min rendezvous with mystery woman in back seat of motor MOTOR BLAZE Moment car bursts into flames at Glasgow market as firefighters tackle blaze You can claim your free one by calling 0300 790 6117.
You can also apply online here . What will I get when I claim Pension Credit? SOME people will receive thousands of pounds once they claim Pension Credit, while others will be given just pennies. But it is still worth making a claim either way as it opens the door to more financial help.
Once you claim Pension Credit you may receive: Housing Benefit if you rent - worth thousands a year. Mortgage Interest support - on up to £100,000 of your mortgage or loan. Council tax discount - worth thousands each year.
Free TV licence if you are aged over 75 - worth £169.50 a year. NHS dental treatment , glasses and transport costs for hospital appointments help.
Royal Mail redirection service discount - worth up to £48. Warm Home Discount if you get Guaranteed Pension Credit - worth £150. Cold Weather Payment - worth £25 for every seven day period of cold weather between November 1 and March 31.
Winter Fuel Allowance - worth up to £300 a year..
