‘Martin Lewis’ MSE tip helped mum get Pension Credit – I thought she was over the limit’! B
Whille a staggering 2.2million people are thought to be eligible for Pension Credit, MSE suggests that 880,000 don’t apply.
A fan of Martin Lewis’ MoneySaving Expert (MSE) has thanked the financial gurus for their advice, after their mother was granted Pension Credit. ‘Lucinda’ explained in an email that she initially thought her parent wasn’t eligible for the Government benefit as they were only just ‘over the threshold’.
But after reading top tips from MSE’s savvy newsletter, she thought it may be worth a go anyway and was pleasantly surprised with the results. “I saw Martin’s email saying: ‘If you’re only just over, try it anyway’,” she explained. “A (long) call to the DWP later and mum told me she’ll get Pension Credit. My dad died earlier on this year, so not only has mum been going through it, but money is much tighter.”
Although a staggering 2.2million people are thought to be eligible for Pension Credit, MSE estimates that 880,000 don’t apply. The financial gurus suggest this is a huge mistake, as many vulnerable people could be missing out on an average of £75 per week, or £3,900 per year.
However, this amount will depend on what type of Pension Credit you receive, as it typically comes in two parts. The first is Guarantee Credit – described by AgeUK as a top-up of weekly income to a ‘guaranteed minimum level’.
If you’re single, this may be £218.15, or £332.95 if you’re a couple. On the other hand, Savings Credit is ‘extra money if you’ve got some savings or if your income is higher than the basic State Pension’.
You can apply for Pension Credit online or complete a form on the phone (Image: Getty)
Crucially, this is available to those who reached the State Pension age before April 6, 2016. Eligible couples may receive £19.04 extra per week, and singletons £17.01.
AgeUK also adds: “There isn’t a savings limit for Pension Credit. However, if you have over £10,000 in savings, this will affect how much you receive.”
To claim Pension Credit, the public is urged to visit GOV.UK or call 0800 99 1234 between Monday to Friday, 8am-6pm, to complete an application over the phone. You’ll need your National Insurance number and personal financial details to do this.
As of now, the Government is also working with local authorities to link up the Housing Benefit and Pension Credit. A Liverpool Echo report suggests that claimants who may be entitled to Pension Credit will be invited to apply for the Housing Benefit too.
