Martin Lewis warns 800,000 Britons are missing out on up to £3,500

2023-06-14

Martin Lewis warns of ‘national tragedy’ as 800,000 Britons eligible for pension credit are missing out on an average of £3,500

Martin Lewis said 800,000 Britons eligible for pension credit are missing out
READ MORE: Martin Lewis shares ‘one of the most substantial life-changing pieces of finance’ advice

Martin Lewis has warned of a ‘national tragedy’ after revealing that 800,000 Britons eligible for pension credit are missing out on an average of £3,500.

The money-saving expert’s ITV programme, The Martin Lewis Money Show Live, returned to TV screens for a two-episode run last night.

In the first episode, which he described as a ‘must watch’ for those aged between 45 and their 70s, Martin discussed how many pensioners on low incomes could be entitled to have their payments topped up.

The MoneySavingExpert.com (MSE) founder explained that pensioners will meet the criteria for receiving the payment if their weekly income is lower than £201.95 if they’re single, or £306.85 if they have a partner.

Pensioners that are eligible could be increased to a ‘full’ State Pension of £203.85 a week, although this is not guaranteed. It can also lead to other benefits, such as a £600 cost of living support.

Martin claimed around 800,000 Britons could be missing out on the pension credit, which is worth an average of £3,500 a year.

He said: ‘You’re getting your state pension, it’s not the full pension, and you’re on a low income, then please check whether you are one of 800,000 people in the UK missing out on pension credit.

‘This is really a bit of a national tragedy, because these are some of the poorest people in the country, who have been paying into the system for years and they are not getting the top up to their state pension that they are entitled to.

‘So this is my rough rule of thumb: If you’re a single pensioner with a total income of under £220 a week, or a couple both of state pension age with total income under £320 a week, then you should check – I’m not saying you will get it just that it’s worth checking… This is worth an average of £3,500 a year.

‘It’s not to be sneezed at. Some people they get there and they find they were getting thruppence and they go, it’s not worth it. Wrong.

‘Even if they’re only telling you it’s worth a few pence a year, pension credit is a gateway benefit.

‘If you get it you’re entitled to the remaining £600 cost of living benefit. Council tax help, water bill help, dental help… getting pension credit opens up a massive door of other entitlements to you.’

To qualify for pension credit, your state pension must be below a certain payment threshold.

Martin Lewis has warned of a ‘national tragedy’ after revealing that 800,000 Britons eligible for pension credit are missing out on an average of £3,500

You are able to proceed with your application up to four months before you reach State Pension age.

Upon reaching State Pension age, you can make a claim whenever you like, but it will only be backdated for three months.

This means you can get up to three months of Pension Credit in your first payment if you were eligible during that time.

You will need to give your National Insurance number and provide information about your income, savings and investments.

You must also enter your bank account details if you choose to apply on the phone or by post.

The money-saving expert’s ITV programme, The Martin Lewis Money Show Live, returned to TV screens for a two-episode run last night

If you’re backdating your claim, you’ll need details of your income, savings and investments on the date you want your claim to start.

Upon applying via either Gov.uk or the Pension Credit Helpline, you will be asked a series of questions related to your residence, earnings and savings.

Once you have answered these questions, a summary screen shows your responses, allowing you to go back and change any answers before submitting. The Pension Credit calculator then displays how much benefit you could receive each week.

Afterwards, follow the link to the application page to find out exactly what you will get from the DWP, including access to other financial support.

There is also the handy option of being able to print off the answers you give using the calculator tool so you do not get stuck looking for the same details again.

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