Royal London latest research recently found:
• The majority (53%) of UK pensioners don't like to ask for support or help from their friends or family, even if they need it, with 10% believing there are people who require more financial assistance than they do
• This is despite almost 8 in 10 (79%) considering themselves financially savvy, with most (93%) using various benefit, offer and discount schemes available to them at retirement
• More than a fifth (21%) aren’t aware they would be entitled to any other benefits if they qualified for Pension Credit, including:
1. A discount on the Royal Mail redirection service if you move house - 93% unaware
2. Help with rent costs through Housing Benefit - 57% unaware
3. Help with NHS dental treatment, glasses and transport costs if you get certain types of Pension Credit - 47% unaware
4. Help with Council Tax through the Council Tax Discount - 43% unaware
5. A free TV Licence if you're aged 75 or older - 41% unaware
As part of its Take The Credit campaign, Royal London is partnering with social enterprise Pocket Power to offer pensioners a free 30-minute phone call, offering a bill switching service, helping them save on their household bills and wider costs and to support with Pension Credit applications. On average, a Pocket Power call saves each person £250, which could provide critical support this winter.
Sarah Pennells, consumer finance specialist at Royal London said: “There is still a significant gap in awareness around Pension Credit and the other benefits that claiming it entitles people to. But our research also found that there is a sense of embarrassment associated with applying for benefits, when there should be absolutely no shame in accepting help. Despite the deadline having passed for applying for Pension Credit to allow you to claim the Winter Fuel Payment for this winter, pensioners can still check if they qualify for Pension Credit and apply to receive a valuable financial top-up in the coming year. Although the restriction of the Winter Fuel Payment has encouraged many thousands to apply for Pension Credit, other benefits that you could be able to claim because you’re receiving Pension Credit, such as help with housing costs through Housing Benefit and a reduction in Council Tax, could be worth much more than the Winter Fuel Payment. The easiest way to check if you qualify for Pension Credit is to use one of the free online benefit calculators, and, once you know that you can claim, you can apply via the Gov.uk website, post or phone.”
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