Millions of pensioners had a 10.1% pay rise in April, but they could still be missing out on perks and discounts they are entitled to claim once they reach state pension age.
Currently, everyone over 66 is entitled to claim the state pension, worth up to £203.85 a week, but various companies and the Government offer other schemes to stretch income in the cost of living crisis.
From regular payments to top up your pension to big days out on a budget, here's eight ways pensioners can save some money.
Read more: Experts warn that workers may have to wait until they are 74 before they get state pension
1. Pension Credit - worth £2,700
Pension Credit tops up the income of low-income pensioners to £201.05 for single people or £306.85 for couples, with the average award being £2,700 a year.
There are two parts to the benefit and pensioners can be eligible for one or both parts:
- Guarantee credit: Tops up your weekly income to a guaranteed minimum level of £201.05 a week if you're single and £306.85 a week for married couples.
- Savings credit: Provides extra money if you've saved money towards retirement. You can get an extra £15.94 a week for a single person or £17.84 a week for a married couple.
You may also get additional Pension Credit if you have a disability, caring responsibilities or have to pay certain housing costs such as mortgage interest payments. Even if you can only claim a few pounds, it's worth it, because pension credit opens the doors to other perks such as help with health or housing costs. To apply, visit Gov.UK or by call the Pension Credit claim line on 0800 99 1234.
2. Winter fuel payment - worth £600
Anyone getting the State Pension should receive extra cash to help with energy bills over the winter worth up to £300. How much you get depends on your age and whether you get certain benefits, such as pension credit. The current rates are £200 per eligible household where the oldest person is under 80, and £300 for households with someone aged 80 or over. This winter, there will be another £300 pensioner cost of living payment, which will be paid out to eight million households to boost the value of the winter fuel payment.
3. Cost of living payment - worth £1,050
This year, struggling families claiming certain benefits will get a £900 cost of living payment to help with rising bills. The first instalment worth £301 has already been paid out but the second instalment, worth £300, will be made in the Autumn while the third instalment of £299 will be paid in Spring next year. You can get this payment if you claim pension credit.
4. Travel discounts - savings vary
Everyone can get a free bus pass when they reach the State Pension age, which entitles you to free travel on local buses between 9.30am and 11pm Monday-Friday and all day on weekends and bank holidays. To apply, either go to your local council website, or fill in your postcode here to be redirected.
Anyone over 60 can also buy a Senior Railcard for £30, which gives 1/3 off train travel. You can apply for a Senior Railcard up to 14 days before your 60th birthday. You can also choose to receive a digital Railcard instead of a physical, plastic Railcard. If you prefer coach travel, National Express has the Senior Coachcard, which also gives you a 1/3 off standard and fully flexible fares
5 . Free prescriptions - save around £115 a year
Once you reach 60, you can get free prescriptions from your local pharmacy, saving £9.65 each time you need one, so if you usually buy a prescription each month you could save £115.80 over the year. If you're 60 or over you're also entitled to a free NHS sight test, so saving you another £20-£30.
And if you claim the guarantee element of pension credit, you can be eligible for free dental treatment too.
6. Cheap days out - savings vary
Once you hit 60, if you're an existing National Trust member aged 60 or over, and you've been a member for at least the last three years, you can ask for 25% off your subscription. This means that you'll pay £63 for individual senior membership instead of £84 and £104.40 for joint senior membership instead of £139.20.
You can also see movies for less. Odeon also holds weekly Silver Cinema screenings for over-60s with ticket prices starting at £3.50 with free refreshments thrown in, while concessions save £2 on the standard ticket price at the Tyneside Cinema and a further £1.50 discount at Silver Screen films.
If sport's more you thing, football clubs across the country offer concession ticket prices for older people. The age limit will vary at each club so it’s worth checking out prices on your favourite team’s website. Newcastle United, for example, offer a 25% discount off season tickets once you reach pension age.
7. Free TV licence - save £159
Millions of pensioners over 75 qualify for a free TV licence if they claim pension credit. You can apply for the discount on the TV licensing website or by calling 0300 790 6117.
8. Shopping discounts - savings vary
Some shops offer discounts to pensioners, either at the till or in the form of additional points or loyalty bonuses. Supermarket chain Iceland and The Food Warehouse gives over-60s a 10% discount every Tuesday, and there is no minimum spend. All you need to be eligible is proof of age. Boots customers over 60 can claim double Advantage Points by joining the Over 60s Rewards scheme, which will give 8 points for every £1 you spend on Boots own-brand products and selected other products, extra points at Boots Hearingcare and a 25% saving on your first pair of glasses or prescription sunglasses.
Are you struggling to make ends meet in the cost of living crisis? Join in the conversation below
High street optician Specsavers offers 20% off glasses and lenses if you’re over 60. The only condition is that your glasses of choice are from the £69 range or above. Your glasses will include a scratch-resistant lens treatment as standard. What’s more, you may be eligible for a free NHS-funded eye test.
Most hairdressers and barbers offer reduced rates for pensioners and some even have dedicated days for older clients. It’s worth heading out around your local town to see what deals you can find.
Read more:
- Eon 'harassing' pensioner for £400 gas bill despite living in all-electric West Denton flat
- New technology put in place to stop scammers preying on elderly people in Northumberland
- Month-by-month guide to when you can expect all of this year's cost of living payments
- Gateshead pensioner fighting eviction from childhood home insists he's going nowhere
- Benwell pensioners boiling mad over £200 bills for all-year-round heating
