THOUSANDS of pensioners need to act today or risk missing out on a £300 cost of living payment.
It is estimated that around 850,000 eligible pensioners have not yet claimed the government support payment.
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Around 1.2million pensioners who receive pension credit are eligible for the £300 cost of living payment, but time is running out to make a claim.
Today is the last day you can make your claim for pension credit over the telephone.
If you miss this deadline you will still have until December 10 to claim, but you will need to do this online.
Without making a claim eligible pensioners risk missing out on the next two cost of living payments worth £300 and £299.
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Some households should have already started receiving the second installment of the payment worth £300.
The third installment is expected in Spring 2024.
The payments are tax-free and are usually made automatically to those eligible.
To be eligible applicants need to have been of state pension age between August 18 and September 17, 2023.
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This will ensure that any payments can be backdated, and fall within the qualifying period for the £300 cost of living payment.
Even if you were only eligible for a day, as long as you fall into the qualifying period you will get the cost of living payment.
Am I eligible for pension credit?
If you are over the state pension age and living in England, Scotland or Wales you are eligible for pension credit.
The state pension age is currently 66 for both men and women.
To qualify your weekly income must be less than £201.05 if you are a single person, or £306.85 for couples.
Your estimated income could include:
- Your state pension
- Any other pensions you have saved, for instance, workplace or private pension savings
- Most social security benefits, for example, carer’s allowance
- Any savings or investments worth over £10,000
- Earnings from a job
The calculation does not include:
- Attendance allowance
- Christmas bonus
- Disability living allowance
- Personal independence payment
- Housing benefit
- Council tax reduction
If you earn more than the amount stated above it is still worth checking as you may still get some savings pension credit.
Bear in mind if you are single and move in with a partner who is younger than the state pension age, you will stop being eligible under the new system.
But if you’re already receiving pension credit under the old system it won’t stop unless your circumstances change.
How much can I get?
There are two parts to the pension credit and pensioners can be eligible for one or both.
- Guarantee credit – tops up your weekly income to a guaranteed minimum level. This is £201.05 a week if you’re single and £306.85 a week for married couples.
- Savings credit – provides extra money if you’ve saved money towards retirement. You can get an extra £15.94 a week for a single person or £17.84 a week for a married couple.
You may also get additional pension credit if you have caring responsibilities, are disabled or have to pay certain housing costs such as mortgage interest payments.
How do I apply?
You can apply for pension credit up to four months before you reach the state pension age.
Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234.
You will need:
- Your National Insurance number
- Information about any income, savings and investments you have
- Information about your income, savings and investments on the date you want to backdate your application to (usually 3 months ago or the date you reached state pension age)
Your partner will also need to provide their information if you have one.
The benefit is usually paid directly into your back account roughly every four weeks.
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You will be asked to provide your bank account details when you make your claim.
Concessions are sometimes made for people who don’t have access to a bank account.
