Pension Credit: Are you getting what you are entitled to?

Jessica Amodio
Partner and Independent Financial Adviser at GDA

Pensioners are being urged to claim pension credit if they are entitled to it, as the Government withdraws the winter fuel allowance from all but those on the lowest incomes receiving benefits. Over a million pensioners already receive pension credit, but up to an estimated 880,000 households eligible for the support fail to claim.

Pension credit is a benefit that can be claimed by those on a low income who have reached the national retirement age. As a single person your income cannot be more than £173.75 per week, or £265.20 if you are a couple.

When you apply for pension credit the Department for Work and Pensions will look at your income and also at any savings or investments that you have over £10,000. They will then let you know if you are entitled to pension credit.

If you are entitled to pension credit, you will still receive the winter fuel allowance. But in order to make a backdated claim for pension credit (in order to receive the winter fuel payment) you need to apply by the 21st December 2024.

Receiving pension credit also opens up a range of other benefits which you may be able to claim such as housing benefit, council tax reduction, support with mortgage interest, free TV licence, the winter fuel allowance, and some health benefits such as dental care and help with the cost of glasses.

For more information on pension credit and how to make an application visit: www.gov.uk/pension-credit. You can also discuss applying for pension credit with your adviser at any time, you can contact your adviser directly or contact us via our website and speak to one of our team.

This article isn’t personal advice. If you’re not sure whether a course of action is right for you, ask for financial advice.