850,000 state pensioners are not claiming Pension Credit (Image: Getty)
Hundreds of thousands of people who are eligible for are missing out on money that is waiting to be claimed from the .
It has been warned that a staggering £1.7 billion is waiting to be given to 850,000 yet many are not claiming the benefit, which is worth over £3,900 per year.
Finance expert at Ocean Finance, Fiona Peake, said: “The cost-of-living crisis has hit older people hard. Aside from immediate financial relief, claiming Pensions Credit can help protect you against rising costs.”
It was reported that over 10 million pensioners would not be getting the 2024 as they were only going to those who already received pension credit or other means of financial support.
To receive , the deadline to apply for Pension Credit was 11.59pm on December 21.
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There have been many concerns about pensioners in the current climate of the economy.
Fiona Peeke added: “With the energy price cap increasing once again at the start of January and food inflation remaining stubbornly high, claiming what you’re entitled to is a smart move. If you think you might qualify – or know someone who could – take five minutes to check.
People claiming Pension Credit are being urged to check if they qualify for the unclaimed cash. The finance expert shared that many think they may not qualify for various reasons but encouraged that it’s still worth a check.
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The average yearly award for Pension Credit is £3,900 (Image: Getty)
She said: “Many people assume that claiming Pension Credit is a complicated process or that they won’t qualify because they have savings or a small private pension. In reality, it’s a straightforward process, and the rules are more generous than you might think. It’s always worth checking, even if you only receive a small amount of Pension Credit, it could unlock other support worth thousands of pounds.”
Martin Lewis’ team at Money Saving Expert simplified the rules of how to determine whether you are eligible for Pension Credit. If you are of age (aged 66 or older, born in 1958 or before) and single with a total weekly income under £218, you’re likely to get it. If you have a weekly income of under £235, you could get it.
For those in a couple, where both are of pension age, if your total weekly income is under £333 you are likely to get it, and if you have a weekly income of under £350, you may get it.