How can you boost your pension?

Would you turn down some extra money? Many pensioners don’t realise they could qualify for Pension Credit. Currently, there are almost one million pensioners across the UK, many of whom have been paying into the system for years, and are missing out on payments.

Here, our Tenancy Support Officers explain what some residents of pension age are missing out on and how they can benefit.

What is Pension Credit?

Pension Credit is a benefit aimed at people who are over State Pension age and on low incomes. It is separate from your State Pension and you could get £69 or more per week to top up your income. You might also get extra help if you’re a carer, severely disabled, or responsible for a child or young person. Pension Credit can be backdated for three months, so the quicker you can find out if you qualify, the quicker you'll benefit.

To find out if you qualify you can use the Pension Credit calculator: gov.uk/pension-creditcalculator

You will need all your income and savings details.

Why are people missing out?

It’s NOT automatic so you have to claim and lots of older pensioners don't know they are eligible to apply.

Others think that because they have some savings they can’t apply, whereas you can have savings of £10,000 or more and may still qualify. The first £10,000 in savings is disregarded. You may also get Pension Credit even if you have other income.

How can I check if I qualify?

The exact rules of who can get Pension Credit are fairly complicated, generally, you may be eligible if you are claiming State Pension (currently age 66 or older).

Guarantee Credit tops up those on low incomes. You may be eligible if you are:

• single with total weekly income under £182 (or £201 from April 2023)

• a couple, both of pension age, with weekly income under £278 (£306 from April 2023)

Income from disability benefits such as DLA, PIP or Attendance Allowance are disregarded as income.

Savings Credit can also give a little help to those on low incomes who have managed to build up a little more income for their retirement, such as a workplace pension. You must have reached pension age before April 2016 (aged 71+) to be eligible for Savings Credit.

Why is Pension Credit important?

It opens up eligibility for other discounts and support with bills worth about £1,000 per year and the Warm Home Discount worth £140 a year.

If you claim Pension Credit you can get other help, such as:

• Housing Benefit to help with your rent payments

• a Council Tax discount

• a free TV licence if you’re aged 75 or over

• help with NHS dental treatment, glasses and transport costs for hospital appointments, if you get a certain type of Pension Credit

• help with your heating costs through the Warm Home Discount Scheme

• a discount on the Royal Mail redirection service if you’re moving house

• Be eligible for the Government Cost of Living Payments.