Living expenses: Deadline for retirees to claim payment today

A warning has been issued to households who could be missing out on up to £3,300 a year if they don’t apply today.

While more than 1.4 million retirees receive retirement credits, many do not take advantage of this additional financial help, which can also be a gateway to other benefits.

An estimated £1.7bn in benefits remains unclaimed at a time when the cost of living crisis is hitting those on low or fixed incomes particularly hard.

This is all you need to know about applying for the retirement loan.

Who can claim pension credits?

The pension loan is intended to help people on a low income and over the statutory retirement age with their daily living expenses.

You must live in England, Scotland or Wales and be of legal retirement age to qualify for a pension credit.

It can be applied for by phone and online, and an online pension credit calculator can help retirees check if they are likely to be eligible and provide an estimate of what they may receive.

For more information, visit the government website or call 0800 99 1234.

How much money do I get?

Pension Credit increases a person’s weekly earnings to at least £182.60 per week for single pensioners and £278.70 for couples.

You may receive additional amounts known as “Warranty Credit” if you have other responsibilities and costs.

Martin Lewis, founder and chairman of MoneySavingExpert.com, said pensioners who are due a payment could get up to £3,300 a year.

He said: “In the midst of the cost of living crisis, it is a national tragedy that one million retirees are missing out on a major boost in income.

“My simple rule of thumb is this: if you (or someone you know) are 66 or over and have a total income of less than £200 a week, go online or call the pension credit hotline to see if You are due a payment which can be up to £3,300 per year.

“I’m not saying everyone will understand, but many will, and it only takes a few minutes to figure it out. So don’t hesitate, just call.

“And that’s not just a lot of money, it’s often a gateway entitlement too, meaning you’re entitled to a range of other support, like optical treatments and, for the over-75s, a free TV license.”

Caroline Abrahams, Director of Charities at Age UK, added: “Any elderly person on a low or modest income who is struggling with their bills or would like to know more about any additional income that may be available can also contact Age UK to check this out to assert their full claims and see if they are among the many missing out.

“People can call Age UK’s advice hotline on freephone number 0800 169 65 65, contact their local Age UK office or visit www.ageuk.org.uk.”

Your money matters

Your Money Matters is a campaign launched by us and our sister titles on Newsquest to help you overcome the rise in the cost of living. This year has seen a slew of household price hikes – from raising the energy price cap to soaring inflation and food prices – that have cost your family hundreds or even thousands of extra pounds a year. We make it our mission to look after your money by offering money-saving offers, contests, giveaways and insightful stories from your community about how this cost of living crisis is impacting our readers. The global energy crisis exacerbated by the invasion of Ukraine, the financial impact of the Covid pandemic, record high inflation and a rise in the cost of goods, fuel and travel mean we will all feel the effects of the crisis. With our newspaper we want to do everything in our power to make your money better known because we know that your money is important.

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