Mike Ambery, Retirement Savings Director at Standard Life, part of Phoenix Group said: “Ofgem have confirmed that the energy price cap will rise by 10% from 1st October, with the average cost of energy hitting £1,717 a year, and forecasters predict another slight rise in January. The news follows the Government’s announcement the winter fuel allowance for pensioners will be means tested from this winter, with only pensioners claiming Pension Credit or other means-tested benefits eligible. Pension Credit is a vital lifeline for people of State Pension age and on low incomes, and it’s worth over £3,900 per year on average, however a huge number of potentially eligible pensioners still don’t take it up. It’s now even more vital that people who can get this help, and therefore retain their winter fuel allowance as a result, do so.
“Many people mistakenly believe that if they have some savings or their own home they won’t be entitled to Pension Credit, with others worried about a perceived stigma attached to claiming. However, eligibility is wider than often assumed and Pension Credit can be a real lifeline when times are tough. We would urge people to check their eligibility via the Government’s online Pension Credit calculator or speak to a benefits adviser and make sure they are getting all the help available.”
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