It is estimated that around a third of Britain's pensioner population could be missing out on a much-needed cash boost
The Department for Work and Pensions has issued a warning for thousands of Brits who could be missing out on an essential cash boost worth thousands of pounds.
The government department has advised people of pension age to check if they are eligible to claim Pension Credit. It highlighted that there could be those eligible for the extra cash who are missing out. Pension Credit claimants could be up to £3,500 a year better off. It comes after Age UK estimated that around a third of the pensioner population could be missing out on Pension Credit despite being eligible.Furthermore, claimants could receive extra money-saving benefits as part of receiving Pension Credit.
Pension Credit provides a tax-free payment to those that have raeched the State Pension age and live in the UK. It allows claimants to receive a guaranteed weekly income of £201.05 for single claimants or £206.85 for couples. The DWP also highlighted that there could be some misconceptions that are putting people of claiming Pension Credit. It highlighted that some people may be entitled to Pension Credit even if they have modest savings, retirement income, or own their own home.Read next:
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