The Department for Work and Pensions (DWP) has issued a warning today, Monday December 12. It says there are just 6 days left to apply for Pension Credit, which, if eligible could lead to an extra £324 Cost of Living payment.
In an announcement made via its Twitter account, the government department wrote: "6 days to go: Don't miss out on the £324 Cost Of Living Payment as a recipient of #PensionCredit - submit your application for Pension Credit before 18 Dec." The tweet continued: "Did you know, if you get Pension Credit you could also get help with broadband fees?"
The help for households announcement continued, saying: "You could be on average £3,500 a year better off if you qualify for Pension Credit To check your eligibility and to apply, call 0800 99 1234 or visit http://ow.ly/4s2Z50LWpAr
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Pension Credit is designed to give eligible recipients extra money to help with living costs if you’re over State Pension age and on a low income. It is separate from State Pension and you can get Pension Credit even if you have other income, savings or own your own home. It also opens the door to other help such as:
- Housing Benefit if you rent the property you live in
- Support for Mortgage Interest if you own the property you live in
- a Council Tax discount
- a free TV licence if you’re aged 75 or over
- help with NHS dental treatment, glasses and transport costs for hospital appointments, if you get a certain type of Pension Credit
- help with your heating costs through the Warm Home Discount Scheme
- a discount on the Royal Mail redirection service if you’re moving house
According to the government website: "You might get extra help if you’re a carer, severely disabled, or responsible for a child or young person."
There are certain rules that apply that will decided whether you might be eligible for the payment. For a start, you must live in England, Scotland or Wales and have reached State Pension age to qualify for Pension Credit. If you have a partner, you must include them on your application and you'll be eligible if either:
- you and your partner have both reached State Pension age
- one of you is getting Housing Benefit for people over State Pension age
Your income
When you apply for Pension Credit your income is calculated. If you have a partner, your income is calculated together.
Pension Credit tops up:
- your weekly income to £182.60 if you’re single
- your joint weekly income to £278.70 if you have a partner
If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs.
What counts as income
Your income includes:
- State Pension
- other pensions
- earnings from employment and self-employment
- most social security benefits, for example Carer’s Allowance
What doesn't count as income
Not all benefits are counted as income. For example, the following are not counted:
- Adult Disability Payment
- Attendance Allowance
- Christmas Bonus
- Child Benefit
- Disability Living Allowance
- Personal Independence Payment
- social fund payments like Winter Fuel Allowance
- Housing Benefit
- Council Tax Reduction
What happens if you’ve deferred your pension
If you’re entitled to a personal or workplace pension and you have not claimed it yet, the amount you’d expect to get still counts as income. If you’ve deferred your State Pension, the amount of State Pension you would get is counted as income. You cannot build up extra amounts for deferring your State Pension if you or your partner are getting Pension Credit.
Savings and investments
If you have £10,000 or less in savings and investments this will not affect your Pension Credit. If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week. Contact the Pension Service helpline if your circumstances change. Full details on Pension Credit and how to claim can be found of the Government website.
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