Money expert Martin Lewis has given urgent advice for pensioners with a low income. The financial journalist and broadcaster explored the topic on the latest episode of his ITV show on Tuesday, February 21.
Martin, who recently celebrated 20 years of being on our TV screens, said it is important pensioners who are earning less than £200 a week (or a couple earning under £300 a week) could be eligible for pension credit. This could be worth around £67 a week on average, or about £3,500 a year, but it's thought many people aren't aware of the top up and never claim it.
“My rule of thumb is that if you are single with income under £200 a week or a couple with income under £300 a week, check it out,” he said. “I’m not saying you’ll get it but I’m saying that you could get it.”
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Martin suggested that, as a first point of call, viewers should check out the UK Government website. He said: “Gov.uk has a calculator or you can call the pension credit helpline. There are 800,000 lower income pensioners who are not getting this vital top up that can be worth £3,500 a year. This is big money.”
He then explained: “It’s a gateway benefit and if you get pension credit then it can enable you to get so many other things like cheaper council tax, if you’re over 75 a TV licence, lower water bills, the energy cost of living payments. There’s so much that relies on pension credit that 800,000 people are missing out on it and it’s an absolute tragedy.”
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