Martin Lewis warning to thousands of pensioners missing out on boost | Personal Finance | Finance

Martin Lewis has issued an urgent warning to hundreds of thousands of pensioners missing out on a major cash boost.

The founder of MoneySavingExpert.com (MSE) is urging pensioners to check if they qualify for pension credit.

The benefit is worth £1,000s and you must claim it to qualify for this year’s £300 winter fuel payment.

In the latest MSE Newsletter, Martin Lewis said: “We’ve long urged all lower-income pensioners to check if they’re due pension credit.”

“Now it’s even more important. Chancellor Rachel Reeves said the up to £300 annual winter fuel payment currently given to all pensioners in England and Wales will be restricted to only those on means-tested benefits – the main one for over-66s being Pension Credit.”

He continued: “Yet there are 800,000 over state pension age who are eligible but don’t claim.”

Pension credit tops up your living costs if you’re over the state pension age and on a low income.

It can also help with housing costs such as ground rent or service charges.

This is separate from your state pension, and you can qualify for the scheme even if you have other income, savings, or property.

Mr Lewis said: “You can check if you’re due Pension Credit via web or phone. So don’t stall, just call.”

Customers can call the claims helpline on 0800 99 1234 (Northern Ireland 0808 100 6165).

You can also check your eligibility online by visiting here.

Do you qualify?

Pension Credit boosts your weekly income to £218.15 if you’re single or £332.95 for couples, known as “guarantee credit”. If your income falls below these figures, chances are you’ll qualify for the benefit.

Even with a slightly higher income, you might still get Pension Credit if you have a disability, care responsibilities, savings, or housing costs.

Those with disabilities could receive an additional £81.50 per week, especially if they receive attendance allowance, the middle or highest rate of DLA’s care component, PIP’s daily living component, armed forces independence payment, or ADP’s daily living component at standard or enhanced rates.

If you reached State Pension age before April 6, 2016, and have some retirement savings, you may be eligible for “savings credit” worth up to £17.01 for singles or £19.04 for couples. Pension Credit also grants access to other benefits like housing benefits, cost of living payments, council tax reductions, and winter fuel payment.

Start your application up to four months before reaching state pension age.

Applications for pension credit can be made through the government website or by calling the pension credit claim line at 0800 99 1234. You can have a friend or family member call on your behalf, but you must be present during the call.

The following information about you and your partner (if applicable) will be required:

• National Insurance number
• Details about any income, savings and investments you possess

Information about your income, savings and investments on the date you wish to backdate your application to (typically three months ago or the date you reached state pension age).

If you apply after reaching pension age, your claim can be backdated up to three months.

Pension credit: What you could get

Mr Lewis said: “Pension Credit has a superpower… it’s a gateway entitlement triggering many other boons.

“If you’re entitled to the guarantee credit element, this also entitles you to a host of other state protections, including – as we’ve already discussed – the winter fuel payment.”

Approximately 10 million pensioners will no longer qualify for winter fuel payments due to cuts implemented by Chancellor Rachel Reeves.

The £300 government subsidy, previously available to everyone over the age of 66 to assist with high energy costs, will now only be given to retirees on pension credit, or other means-tested benefits, according to Chancellor Reeves’ announcement on Monday.

However, applying for pension credit can also lead to additional discounts.

For instance, pension credit recipients aged over 75 are entitled to a complimentary TV licence, which could save them as much as £169.50 annually.

Additionally, being on pension credit opens the door to extra support like £25 weekly cold weather payments and a £150 warm home discount.

For those looking to maximise their state pension perks, we’ve compiled an essential guide detailing all the freebies and discounts available.

But what exactly is the warm home discount?

This scheme offers a one-time £150 reduction on your electricity bill for eligible individuals.

The discount is directly applied by your electricity supplier to your bill it’s not cash paid into your account. Many qualify for this discount automatically, yet failing to claim other benefits, such as pension credit’s “guarantee element” or Universal Credit, means missing out on this saving opportunity.

There are primarily two ways to be eligible for the warm home discount. One is through receiving the guarantee element of pension credit.

The other route is if you’re on a low income and meet certain benefit criteria.

You might qualify if:

• Your home has a high energy cost score due to its features.

• Your energy provider participates in the scheme.

• The electricity bill is in your or your partner’s name.

• You or your partner are in receipt of specific means-tested benefits or tax credits.

Qualifying benefits include:

• Housing Benefit.

• Income-related Employment and Support Allowance (ESA).

• Income-based Jobseeker’s Allowance (JSA).

• Income Support.

• Pension Credit’s “savings credit” portion.

• Universal Credit.

You should directly contact your energy supplier to check if you’re eligible.