"The recent announcement by the Chancellor to limit winter fuel payments to those on pension credit or other means-tested benefits underlines how important it is for people to check their eligibility."
- Matt Halksworth, HUB Financial Solutions
The Government has launched a new Pension Credit awareness drive to help identify households not claiming the benefit.
It is encouraging pensioners to apply by 21st December, the last date for making a backdated claim for Pension Credit, in order to receive the Winter Fuel Payment.
There are up to an estimated 880,000 households eligible for Pension Credit who are yet to claim. This tallies with a survey of more than 1,000 over-65s released by advisory firm HUB Financial Solutions which found that 38% of homeowners had never checked if they were entitled to extra benefits, more than double the proportion of those renting (15%).
Only 20% of homeowners said that they had checked their eligibility for benefits in the last year, compared to 41% of renters.
The Winter Fuel Payment – worth up to £300 - is now set to be means-tested and delivered to those on Pension Credit to ensure it is targeted towards those in most need.
The Deputy Prime Minister and Work and Pensions Secretary are writing to Local Authorities and will join forces with them, older peoples’ charities, and other groups this September for its annual Pension Credit Week of Action.
During the Week of Action, the DWP and its partners will be tackling some of the myths that may stop people applying, such as having savings, a private pension or owning a home.
Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they could be eligible. It is worth on average £3,900 a year and can also open doors to further financial help, such as housing costs, council tax, and heating bills, and the Winter Fuel Payment worth up to £300.
Matt Halksworth, head of customer solutions and advisory leader at HUB Financial Solutions, said: “While inflation may be coming down, many pensioners will still have seen their budgets squeezed over the past few years. And the recent announcement by the Chancellor to limit winter fuel payments to those on pension credit or other means-tested benefits underlines how important it is for people to check their eligibility.
“However, our research suggests many homeowners are not even checking to see if they could be entitled to valuable financial support from the government. It suggests than many pensioners may think that owning a home could exclude them from benefits such as Pension Credit.”
