Martin Lewis is urging more than one million people of State Pension age across the UK to check if they are eligible for a weekly cash top-up from the Department for Work and Pensions (DWP).
Pension Credit can help top-up retirement income, even if someone already receives a pension or has another source of regular payments. Some older people think because they have savings or own their home they won’t qualify for the payment boost, but many are missing out on extra money every week.
Martin told viewers on the Money Show Live: “There are over a million people of State Pension age missing out on Pension Credit. If that’s you, think about it and if you know someone who may be eligible,talk to them.”
He continued: “This [Pension Credit] can top-up your State Pension if your total weekly pension is below £177 for a single person or £270 for a couple.
“Even if you earn more than that, if you’ve got some savings, you might still be entitled to a small Pension Credit top-up.”
The financial guru also explained why making a claim is so important.
He said: “The reason this is so important is that it’s a gateway benefit, so if you’re entitled to the core element of Pension Credit and over 75, you get a free TV Licence, your Council Tax may be lowered and you may get the Warm Home Discoun t.
“So it’s really important to trigger getting this.”
And for anyone who is put off looking into their eligibility, or has a family member who may qualify for the boost, Martin had a final piece of advice.
“If you’re not sure if you’re entitled, phone the Pension Service and have a chat with them to find out,” he urged.
What is Pension Credit?
Pension credit is an income-related benefit aimed at people living in the UK over State Pension age.
It offers older people a weekly top-up to their income - you can also choose to be paid fortnightly or every four weeks.
It’s available to single pensioners, including widows and widowers, as well as couples.
To use the calculator, you will need details of:
earnings, benefits and pensions
savings and investments
You’ll need the same details for your partner if you have one.
Who cannot use the Pension Credit calculator?
You cannot use the calculator if you or your partner:
are deferring your State Pension
own more than one property
are self-employed
have housing costs (such as service charges or Crown Tenant rent) which are neither mortgage repayments nor rent covered by Housing Benefit
How to make a claim
You can start your application up to four months before you reach State Pension age.
You can claim any time after you reach State Pension age but your claim can only be backdated for three months.
This means you can get up to three months of Pension Credit in your first payment if you were eligible during that time.
You will need:
your National Insurance number
information about your income, savings and investments
your bank account details, if you’re applying by phone or by post
If you’re backdating your claim, you’ll need details of your income, savings and investments on the date you want your claim to start.
Apply online
You can use the online service if:
you have already claimed your State Pension
there are no children or young people included in your claim
To check your entitlement, phone the Pension Credit helpline on 0800 99 1234 or use the GOV.UK Pension Credit calculator here to find out how much you could get.
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