Martin Lewis is known for dishing out some very useful advice in times of personal or national financial crisis, regardless of how big or small the problem is. With the cost of living crisis upon us, the Money Saving Expert has been desperately trying to help those feeling the affects of the skyrocketing cost of groceries, fuel, and energy the most.
And now, a tip from Martin Lewis is said to have left one of his followers with a 'life changing' payment of £1,500. Following advice from the financial journalist, Jackie made a claim for Pension Credit.
She was given an upfront payment of £1,500 and an extra payment of £185, which arrives in her bank account every fortnight. The credit is awarded to those over retirement age, in the hopes of topping up their incomes.
Read more: Millions ‘eating worse food and showering less as the costs soar’
The Pension Credit also provides claimants with extra help, according to LancsLive. There can be council tax discounts, housing benefits, free health costs, and a free TV licence for those who are over 75.
But this is not an automatic payment - you have to apply for it. The latest figures from the Government revealed that around 850,000 people are missing out on the benefit.
Writing in the latest email sent out by Money Saving Expert, Jackie said: "After hearing Martin talk about pension credit I wondered if I could qualify. I applied and was awarded a £1,500 lump sum and now get an extra £185 every two weeks.
"This has changed my life. No one tells you this is available and only thanks to your team am I now getting it."
What is Pension Credit?
There are two parts to Pension Credit, and not everyone is entitled to both as your circumstances dictate whether you receive one or both payments. The Guarantee Credit element of Pension Credit tops up your weekly income to:
- £182.60 if you’re single
- £278.70 if you have a partner
If you reached State Pension age before April 6, 2016, you may be eligible for the Savings Credit element of Pension Credit. You could get up to:
- £14.48 if you're single
- £16.20 if you're a couple
If you have other responsibilities, such as high rent, a disability, or you are a carer, then you could be eligible for additional money. For example, you can get an extra £69.40 a week if you claim certain disability benefits or an extra £38.85 a week if you receive Carer's Allowance.
If you’re responsible for children or young people, you could get an extra £56.35 a week for each person in your care. This is increased to £66.85 a week for the first child if they were born before April 6, 2017.
If the child or young person is disabled, you could also get an extra amount of £30.58 to £95.48 a week if they get certain benefits. You can view all the additional top-ups and their rates on the Gov.uk website.
How to make a claim
Anyone can check if they are eligible by using the Pension Credit calculator on the Gov.uk website. If you would prefer to speak to someone you can call the Pension Service Helpline on 0800 99 1234 in England, Wales or Scotland.
The application process can be started up to four months before you reach state pension age and if you've already reached that age, you can have the claim backdated by three months.
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- Martin Lewis busts money saving use appliances overnight myth
- Private rents in Bristol shooting up after the pandemic
- Clevedon hailed by Kirstie Allsopp as 'beautiful' alternative to Bristol to live in
