DWP says thousands missing out on extra £80 per week | Personal Finance | Finance

Recent figures from the Department for Work and Pensions (DWP) reveal that almost a million pensioner households may be failing to claim an average of £4,300 a year – or around £80 a week – in benefit income to which they are entitled.

As many as 910,000 households eligible for Pension Credit failed to claim the benefit, resulting in approximately £2.5 billion remaining unclaimed. In an effort to help more individuals above State Pension age obtain additional financial assistance in the coming months, the DWP is pressing ahead with initiatives to boost uptake of the income-related benefit.

Pension Credit offers a top-up for single individuals on the New State Pension whose total weekly income falls below £227.10, or couples with joint weekly income under £346.60, as reported by the Daily Record.

Obstacles to claiming Pension Credit

The DWP is striving to dismantle barriers to claims and debunk common myths misconceptions that might deter people from considering an application.

Older people may mistakenly believe they’re ineligible due to:

• have savings
• own their own home
• may be working
• may be getting a small occupational pension
• may have been turned down in the past

Other potential deterrents could be that people:

• do not want to be seen as needing to claim
• feel that they’re able to manage
• do not think it’s worth applying – as the amount they get will be very small
• do not recognise themselves as a Pension Credit claimant
• have not got around to it
• think it’s a complex and confusing subject
• already get other help and do not want to mess up the benefits they are getting

Fastest way to check if you can claim Pension Credit

Older people, or their friends and family, can quickly check their eligibility and receive an estimate of potential benefits by utilising the online Pension Credit calculator on GOV.UK.

Alternatively, pensioners can directly reach out to the Pension Credit helpline to lodge a claim by dialling 0800 99 1234 – the lines are open from 8am to 6pm, Monday to Friday.

Expert guidance and advice can also be sought from Independent Age, Citizens Advice, Age UK and Income Max.

Who is eligible for Pension Credit?

Pension Credit comes in two forms – Guarantee Credit and Savings Credit.

To be eligible for Guarantee Pension Credit, you must have reached the State Pension age (66). Your weekly income needs to be less than the minimum amount that the UK Government deems necessary for living.

This stands at £227.10 for a single person and £346.60 for a couple – these figures could be higher if you’re disabled, a carer, or have certain housing costs.

You can only qualify for Savings Credit if:

• you reached State Pension age before April 6, 2016, or you have a partner who reached State Pension age before this date and was already receiving it
• you have qualifying income of at least £198.27 a week for a single person and £314.34 a week for a couple

How much could you potentially receive from DWP?

Guarantee Credit supplements your weekly income to:

• £227.10 for a single person
• £346.60 for a couple

Additional amounts may be possible if you’re disabled or a carer, or if you have specific housing costs.

Savings Credit can provide up to:

• £17.30 a week for a single person
• £19.36 a week for a couple

How much you’ll receive depends on your income and savings. Your income includes assumed income from savings and capital over £10,000.

Extra help if you receive Pension Credit

If you’re eligible for Pension Credit, you can also avail of additional assistance such as:

• Housing Benefit if you rent the property you live in
• Support for Mortgage Interest if you own the property you live in
• Council Tax discount
• Free TV licence if you are aged 75 or over
• Help with NHS dental treatment, glasses and transport costs for hospital appointments
• Help with your heating costs through the Warm Home Discount Scheme
• A discount on the Royal Mail redirection service if you are moving house