Latest figures show lots of of hundreds of pensioners could lose £301 in living costs in addition to advantages value as much as £3,500. As many as 850,000 retirees could miss this boost – are you certainly one of them?
Experts at investment firm AJ Bell now encourage retirees to enroll in retirement credit before May 19p. Filing a claim means you may qualify for a £301 support payment. You should submit an application by May 19p qualify. You may reverse payments up to 3 months.
But the upkeep fee is not the only money you may collect. Pension loan repayments are value over £3,500 a yr on average. This is a big increase within the income of retirees.
Are you eligible?
If you’re over State Pension age and live in England, Scotland or Wales, you may apply. If you’re in a relationship, each parties have to be of retirement age to use. You can be eligible in case your weekly income is lower than £201.05 every week for a single person or lower than £306.85 for a pair.
Your state pension, private pensions, some National Insurance advantages, income from work and any savings or investments over £10,000 can be taken under consideration. Even in case your income is just too high, you may get a pension savings loan.
Carer’s Allowance, Disability Allowance, PIP, Council Tax Reductions and Housing Benefits don’t count as income. Nor the Christmas bonuses you may get!
How to use
To apply for a pension loan, you have to have all of your personal details at hand. Make sure you may have your Social Security number, your income information, and your checking account details.
You can apply via the federal government website or call the Pension Claim Line on 0800 99 1234.
how much do you get
Pension credit is split into two categories. You could also be eligible for each or just one a part of the profit.
A savings loan is the cash you receive if you may have saved for retirement. It currently stands at £15.94 every week for a single person and £17.84 every week for a married couple.
Guarantee credit is money that tops up your weekly income to a guaranteed minimum. As mentioned earlier, that is £201.05 every week for a single person or lower than £306.85 for couples.
If you’re disabled or are caring for somebody with a disability, you could qualify for more.
You often receive the cash in your checking account, often every 4 weeks.
What the experts say
Tom Selby, head of pension policy at AJ Bell, comments:
