Thousands of UK pensioners are thought to be missing out on vital support, with many unaware they could be entitled to Pension Credit – a top-up benefit that significantly impacts household budgets during the cost-of-living crisis. According to the Department for Work and Pensions (DWP), those eligible can boost their weekly income by up to £332.95.
Pension Credit is means-tested, with singles receiving at least £218.80 per week and couples up to £332.95. This extra income can make a substantial difference for those already struggling with rising food and energy costs, the DWP says. The benefit also unlocks access to other valuable support, including NHS dental treatment, prescriptions, and optical costs – potentially saving households hundreds or thousands of pounds annually.
The Bank of England's 5.25% interest rate has affected savings returns for some, while increasing mortgage costs for others. Pension Credit does not directly influence these rates; however, the additional income can help pensioners manage their outgoings more effectively – particularly those facing higher costs due to inflation or fixed incomes.
Local authorities and organisations are working to raise awareness and support eligible pensioners through the application process. The DWP offers a Pension Credit calculator online and a dedicated helpline for queries and applications, highlighting the importance of increasing uptake in alleviating poverty among older people and ensuring they can maintain a reasonable standard of living.
Source: Knowsley News