Martin Lewis has issued an urgent warning as the deadline for an extra cash boost gets closer.
The lump sum of £324 comes as energy bills are on the rise with many people trying to get as much help as possible with millions of households across the UK worried about how much they can afford.
In an update, the financial expert issued the warning by marking the reminder as "urgent" with the end date set to happen this week.
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The deadline is this Friday, December 19 2022, and Martin Lewis explains that if you're entitled to the guarantee credit element, this also entitles you to a variety of other state protections.
Talking about one of them, he explains that certain groups of people could benefit from a one-off £324 lump sum to help with "energy bill rises - £326 paid in July deadline passed; £324 from 8 November."
He explains: "The Chancellor announced this cash in May and while you can no longer qualify for the first payment, if you were of state pension age between 26 August and 25 September (and fulfil the other criteria), then provided you claim by 19 December 2022 , you can backdate your claim and still get it, so that's a major boon.
"Plus, the Government announced in its Autumn Statement on 17 November that a similar payment of £900 will be paid out next year too – and while eligibility criteria haven't been confirmed yet, it's likely to be the same as last time. So it's worth claiming pension credit if you're eligible, so you don't miss out on the extra payments."
In the post written on the Money Saving Expert website, which he founded, he added: "It is a national tragedy that getting on for a million pensioners, many of whom have been paying into the system for years, are missing out on a critical boost to their income.
"It's called pension credit, and this year it also means you get up to £650 extra to help with energy bills."
Explaining his 'pension credit 10-second need-to-know' rule of thumb, he said that for people of state pension age, which is currently 66 and above, they should be looking at if they are entitled to anything - and as always, it's worth checking just in case.
He continued: "There's huge variance depending on if you've savings, disabilities, and other factors. Yet at this income it's definitely worth spending five minutes to check. You CAN get it if you're a homeowner, claim other benefits or live with grown-up family. The worst that can happen is they say no."
What is pension credit?
Martin Lewis has said that pension credit is essentially an "income 'top-up' payment" which is a "means-tested benefit to help those without enough to live off".
There are two parts to it which he says are the following:
- Guarantee credit: This tops your income up to at least £182.60 a week for single people (rising to £201.05 in April 2023) or £278.70 a week for cohabiting or married couples (rising to £306.85 in April 2023) of state pension age. The average top-up is £65 a week so that's £3,300 a year. The reason I say check if you've income under £200 (£300 for couples) is first as you may get more if you've got extra 'responsibilities', such as a severe disability, you're a carer or look after an under 20-year-old, and second because of…
- Savings credit: If you hit state pension age before April 2016 (so you're roughly aged 71+), you may be due a top-up if you have savings, even if you're not due guarantee credit – the aim was to stop those who'd put something aside for their future being disadvantaged.
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