Pension Awareness Week: What You Need to Know about Pension Credit

Pension Awareness Week helps raise awareness of the importance of pension and improving the financial wellbeing of those in retirement in the UK. It’s the perfect time to shed light on Pension Credit and the vital financial support it offers retirees. Many older people are missing out on valuable benefits that could significantly improve their quality of life.

Here’s a quick summary of the key messages and takeaways from the government’s Pension Credit campaign.

What is Pension Credit?

Pension Credit is a means-tested benefit designed to provide additional income to people of state pension age, helping them achieve a minimum standard of living. It comes in two parts:

• Guarantee Credit tops up your weekly income if it’s below £201.05 for a single person or £306.85 for a couple.
• Savings Credit: an extra payment for people who saved some money for retirement.

Why Is It Important?

Shockingly, around 850,000 eligible households aren’t claiming Pension Credit. Many people don’t realise they’re eligible or think they’ll only get a small amount. However, even a small top-up can unlock other benefits like council tax reduction, help with NHS costs, and even eligibility for the Warm Home Discount Scheme.

Key Takeaways:

• Check Eligibility: Even if you own your home or have savings, you might still qualify.
• Claiming Can Open Other Benefits: Access to help with energy bills, housing costs, and more.
• Help is Available: Use the government’s Pension Credit calculator or seek advice from local support groups and councils.

At Lendology, we’re passionate about helping individuals improve their quality of life through financial empowerment and ensuring homes are warm and safe. If you or someone you know is eligible for Pension Credit, now is the time to check and claim.

For more information, check out the Pension Credit Toolkit.