Times are hard at the moment and those living on a state pension will be feeling the pinch of rises in the cost of living. While earlier this month State Pension payments increased by 10.1 per cent, it is still estimated that over 1.8million pensioners have an income of less than £100 per week, according to a report.
Nottinghamshire Live sister publication, Daily Record, reported Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, sent a warning that at least some of those on the lowest State Pension payments could be missing out on Pension Credit. Pension Credit is a benefit delivered by the Department for Work and Pensions (DWP) which is worth more than £3,500 each year in financial support and discounts. The cash boost could significantly increase the income of those on lower incomes.
DWP launched a Pension Credit awareness campaign in April 2022 and is continuing to promote the income-related benefit throughout 2023. Free online pension calculator tools are available to those who think they may be eligible to claim.
