Warning as millions of older brits missing out on £1.3 extra income | Personal Finance | Finance

Research has revealed that millions of older Brits are missing out on £1,339 extra income per year as a result of not claiming. Just Group is a financial services company that manages retirement savings. In the group’s recent annual report, it found that seven in 10 pensioner homeowners have yet to claim their full entitlement to state funds.

David Cooper, director at retirement specialist Just Group, said: “Our survey once again reveals what appears to be an epidemic of pensioner homeowners missing out on income they are entitled to claim.”

“Of the 42% of pensioner homeowners eligible for benefits, about three in four were failing to claim any benefit. These are low-income pensioner households likely to be struggling with the cost-of-living crisis.

“Guaranteed Pension Credit is the main means-tested benefit for older people, and a gateway to a range of other benefits such as Winter Fuel Payment, but we found more than two-thirds who were eligible were missing out.”

Figures also showed that nearly one in seven who were claiming were receiving too little and missing out on an additional £1,162 income a year.

The financial services company conducted an interview with clients who sought advice on equity release in 2025. It included Guarantee Pension Credit, Savings Pension Credit, Council Tax Reduction and Universal Credit as the key benefits that many pensioners are typically entitled to.

Mr Cooper added: “Our take-up figures for homeowners are a little lower than the overall rates published by the government, suggesting some people may think owning a home rules them out of receiving State support.”

“Our report raises serious questions about the support and guidance available to people heading into retirement and beyond.”

“Benefits like Pension Credit are not paid automatically but must be claimed, so people need the foresight to check if they are entitled to it.

“It’s important cash-strapped pensioner households do not simply assume there is no State help available – a five-minute check could unlock thousands of pounds of income each year.”

Brits can use a benefit calculator at GOV.UK to find out what you could be entitled to.