Retirees are not entitled to full government benefits, including retirement credits, which means they could be missing hundreds each year.
Around 42% of those eligible for financial assistance miss it completely – at £ 830 each year. While another 20% of retired Britons applying for financial assistance still miss out on average £ 702 a year.
The Just Group report suggests that six out of ten retirees fail to claim what they are entitled to The mirror reports.
Caroline Abrahams, Age UK Charity Director, said: “We know that older people often miss out on the benefits they deserve and we fear that a significant number, whether homeowners or not, are facing financial problems
“Many are just unaware that extra support is waiting for them, while some older people are utterly put off by the process that they think is too complicated or intrusive. It all adds up to billions of pounds of begging by right There should be the pockets of older people who could really use it. “
The worst case recorded was a Durham retiree who failed to claim benefits despite being entitled to a tax reduction and a guaranteed annuity credit of £ 4,854 per year.
According to government figures, there are 5.39 million retired homeowners in England, which is 22.9% of all 23.53 million homeowners in England.
Almost £ 100 billion is automatically provided by the state pension, but some schemes, such as B. Annuity loans, are means tested. The government estimates that up to one million households would not apply for a £ 1.7 billion pension loan, which is roughly £ 1,700 per household.
“We have found significant sums of money that would massively change the lives of people who are not being claimed,” said Stephen Lowe, group communications director at Just Group.
“It mirrors the government’s own numbers, which show billions are unclaimed, and raises serious questions about whether people in need are able to cope with the complexities of the benefit system.”
How can i apply?
The system operated by the Department of Labor and Pensions is not automatic – that is, you need to apply and be assessed first.
It is largely available to those who live in the UK, have reached statutory retirement age (your partner must also be of state retirement age), and have less than £ 10,000 in savings (if you have more you may get a reduced payment instead).
You can apply via Gov.uk. If you have already applied for your state pension, you will otherwise have to call the pension service on 0800 99 1234.
How much will you get
Annuity loans have two sides: guaranteed loans and savings loans.
Guaranteed loans are essentially a top-up for low-income people.
- If you are single and your weekly income (including pension) is less than £ 173.75, your income will be increased to that amount.
- If there are two of you and your combined weekly income is less than £ 265.20, your income will be increased to £ 265.20.
- The savings can help you replenish your retirement pool.
- If you’re single, the savings are worth up to £ 13.97 a week. To qualify you must have a minimum wage of £ 150.47 per week.
- If there are two of you, the savings are worth up to £ 15.62 per week. To qualify, you must have a minimum combined income of £ 239.17 per week.
What else can I claim with pension credits?
If you are older than the State Pension, live in the UK and earn less than £ 173.75 a week as an individual or £ 265.20 a week as a couple, including pensions, savings and work, you may be eligible for a top top.
And those who qualify can potentially unlock several thousand pounds worth of additional savings, such as the Free TV license for those over 75.
In addition to free access to television, those applying for retirement credits may also receive a tax break, £ 25 a week off their gas bills, free dental care and a £ 140 warm home discount to cover their winter bills.
Those who wear glasses can also qualify for vouchers worth up to £ 215 as well as housing benefits to cover rent payments.