Support for pensioners worth thousands of pounds a year is not claimed as many overlook three key benefits
- The unclaimed average amount is £ 1,058, the highest for five years
- The guaranteed pension credit, the savings pension credit and the reduction in Council taxes are often overlooked
Laura Shannon for Sunday’s post
Seven out of ten families with retirees can not claim any – or enough – state support worth thousands of pounds in the year. Half of them give up any financial help while a further fifth does not require the full amount.
The results were published by the Just Group pension income specialist. He traced the retention of state benefits by pensioners over the past nine years and calculated that the unclaimed average sum is £ 1,058, the highest for five years.
Three regularly neglected key advantages are the Pension Credit Guarantee, the Savings Bank Credit and the Municipal Tax Reduction.
Retirement benefits: the unclaimed average amount is £ 1,058, the highest for five years
Guarantee credit exceeds incomes that fall below £ 163 per week or £ 248.80 for a couple. The Savings Credit supports those who put aside some money for retirement – and is worth an additional £ 13.40 per week or £ 14.99 for couples.
Many people are only discovering the sums lost when they ask the consultants to sell equity in their home as a way of giving retirement.
The highest amount unclaimed by a Cheshire 50-year-old couple was £ 5,702 in the year. To apply for one of the pension credits, call 0800 99 1234. The Council’s tax reduction is managed by the local authorities.
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