Mike Ambery, Retirement Savings Director at Standard Life, part of Phoenix Group said: “The record number of Pension Credit applications and the significant reduction in outstanding claims are positive steps towards ensuring pensioners receive all of the support they are entitled to. With the cost of living rising again, and energy bills set to rise by 6.4% in April alongside increases in other essential costs, Pension Credit plays a crucial role in helping the most vulnerable pensioners meet their monthly expenses and access additional benefits like housing support, help with council tax and the Winter Fuel Payment. Despite this progress, there is still work to do in raising awareness and breaking down barriers to claiming. Many pensioners who qualify for Pension Credit are still missing out, often due to a lack of awareness or misconceptions about eligibility. Some mistakenly believe that if they have some savings or their own home, they won’t be entitled to it, while others worry about a perceived stigma attached to claiming. We urge people above State Pension age and on a low income to check their eligibility with a benefits adviser or the Government’s online Pension Credit calculator.”
Lisa Picardo, Chief Business Officer UK of PensionBee, commented: “The latest figures from the Department for Work and Pensions show a record number of Pension Credit applications, an encouraging sign that more pensioners are accessing vital support. However, with around three in ten eligible pensioners still not applying according to the government, thousands continue to miss out on extra income that could make a real difference. Eligibility is often wider than assumed, particularly when considering how different forms of income such as savings interest or investment withdrawals are treated within the tax system. With Winter Fuel Payments now only available to those receiving Pension Credit, it’s more important than ever for pensioners to check if they qualify. Applying is straightforward and could mean thousands of pounds in additional support each year.”
Pension Credit claims up by 81 percent
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