Dean Butler, Managing Director for Retail Direct at Standard Life, part of Phoenix Group said: “With inflation rising to 2.6% and energy prices set to increase further in the new year, Pension Credit is more vital than ever for people of state pension age and on low incomes. On average, it’s worth around £3,900 per year, but its value goes beyond that - it also opens the door to additional benefits like help with rent, council tax, and, crucially, the up to £300 Winter Fuel Payment. The deadline to make a backdated claim for Pension Credit and qualify for this year’s Winter Fuel Payment is this Saturday, 21st December. Acting now could provide much-needed financial support as colder weather coincides with rising energy costs. Together, Pension Credit and Winter Fuel Payment can make a significant difference. Eligibility for Pension Credit is broader than many people think. Even if you have some savings or own your home, you may still qualify. Unfortunately, misconceptions and stigma around claiming often stop people from accessing this critical support. We urge everyone over State Pension age and on a low income to check their eligibility using the Government’s Pension Credit calculator. Don’t miss out on the help you’re entitled to.”
Lily Megson, Policy Director at My Pension Expert said: “This second consecutive rise in inflation will hardly fuel festive cheer. For many, it will set the scene for yet more uncertainty as we head into the new year. It has undoubtedly been a challenging transition into power for the Labour government, with its economic strategy coming under fire. While there were high hopes for renewed focus and fresh solutions, Rachel Reeve’s decision to delay the second phase of the pensions review, paired with today’s worrisome inflation news, risks stalling any forward momentum on tackling the UK’s pensions crisis. Now, the government must take meaningful action to prioritise Britons’ long-term financial security. Not only does this mean taking decisive action to deliver economic stability but also equipping savers with the tools and resources they need to feel assured that their futures are on solid ground. Rising living costs cannot be allowed to yet again derail people’s aspirations for a secure and comfortable retirement.”
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