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Payments can be worth \u00a34,200 a year(Image: Getty Images)<\/p>\nPension Credit is a “historically underclaimed” benefit that 700,000 pensioners could be missing out on, experts sayPayments can be worth \u00a34,200 a year(Image: Getty Images)<\/p>\n
Hundreds of thousands of pensioners<\/a> may be missing out on \u00a34,200 a year from a \u201chistorically underclaimed\u201d benefit<\/a>, according to experts. As many as 700,000 people don\u2019t even realise they are entitled to the benefit.<\/p>\n Pension Credit, issued by the Department for Work and Pensions (DWP<\/a>), is paid to people over the State Pension<\/a> age who are on a low income and need extra money to help with living costs.<\/p>\n The means tested benefit can also help with housing costs<\/a>, such as ground rent or service charges. Recipients might also get extra help if they’re a carer, severely disabled, or responsible for a child or young person.<\/p>\n Hundreds of thousands of pensioners are eligible to claim Pension Credit, but it\u2019s estimated that a staggering 700,000 people are missing out, the Express reports<\/a>.<\/p>\n Never miss a story with the MEN’s daily Catch Up newsletter – get it in your inbox by signing up here<\/a><\/strong><\/p>\n Rachel Vahey, head of public policy at AJ Bell, said: \u201cPension Credit has historically been underclaimed, with many people not realising they may be entitled to the payments. Pension Credit won\u2019t be paid automatically, so you have to submit a claim through the DWP.\u201d<\/p>\n She added: \u201cIf you\u2019re unsure whether to claim because you\u2019re close to the income threshold, there\u2019s no harm in submitting a claim – the worst that can happen is you find you\u2019re not eligible.\u201d<\/p>\n Who is eligible to claim Pension Credit?<\/p>\n The Pension Credit benefit aims to top up people\u2019s State Pension to give them a more reasonable standard of living. Claiming can also unlock access to other means of support, such as council tax reductions and free TV licences.<\/p>\n Pension Credit is separate from your State Pension, and you can get Pension Credit even if you have other income, savings or own your own home.<\/p>\n To claim, a person must live in England, Scotland or Wales and have reached the State Pension age (currently 66 and over). They or their partner must also be receiving housing benefits.<\/p>\n Join the Manchester Evening News <\/strong>WhatsApp<\/strong> group <\/strong>HERE<\/a><\/p>\n If this applies, the person must then work out their total weekly income. This should include the State Pension, other pensions, earnings from employment and self-employment, and most social security benefits, such as Carer\u2019s Allowance.<\/p>\n Not all benefits are counted as income. For example, the following are not counted and shouldn\u2019t be included in the calculation:<\/p>\n In April, rates of the benefit went up<\/a> in line with the rate of inflation from the previous September – which was confirmed as being 1.7%, according to the consumer price index.<\/p>\n Rates of Pension Credit<\/p>\n Standard minimum guarantee<\/strong><\/p>\n\n
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