Martin Lewis’s Money Saving Expert is urging state pensioners to check if they can claim an extra £988 a year from the Government.

The Department for Work and Pensions (DWP) Pension Credit is a significantly underclaimed benefit but could boost eligible people’s income by hundreds of pounds.

The benefit consists of two parts: Guarantee Credit and Savings Credit, and is available to those of the state pension age (currently 66) and over, who have a low income.

Guarantee Credit is the primary component, which ensures a person’s weekly income is topped up to a minimum guaranteed level.

For 2024, this amounts to £218.15 per week for single claimants and £332.95 per week for couples.

Meanwhile, Savings Credit provides “an extra boost” of up to £17.01 per week for single individuals and £19.04 per week for couples. Annually, this additional payment amounts to up to £990.08 per year.

Savings Credit is available to those who reached the state pension age before April 2016 and have saved some money for retirement through savings, or a personal or workplace pension.

People may still get some Savings Credit even if they do not get the Guarantee Credit part of Pension Credit, so it’s important to make the check to claim. However, the benefit must be claimed – it is not paid automatically.

Martin Lewis’s Money Saving Expert

 website states: “More than three million households are eligible for Pension Credit, but it’s estimated that over 800,000 don’t claim – in many cases because they don’t realise they could be entitled to it.”

Previously speaking on Good Morning Britain, the financial guru said: “It is a national tragedy that up to one million pensioners are missing out on this rather substantial entitlement in many cases.

“Many of those pensioners have been paying into the system for years and what Pension Credit is meant to do, is top people’s income up so if their state pension or other income isn’t enough, they still have a reasonable standard of living.”