State pensioners are missing out on £1,807 each due to not capitalising on the perks they’re owed. Just Group has explained how state pensioners are averaging £1,807 in missed payments, benefits and perks this year, amid the Cost of Living crisis.
The Department for Work and Pensions ( DWP ) says close to one in 10 pensioners who do make claims receive less than they should, foregoing an additional average of £2,915 each year. Stephen Lowe, group communications director at Just Group, said: “Despite the focus on benefit as a result of the UK Government’s decision to axe Winter Fuel Payments to millions, our survey once again shows the scandalous scale of the under-claiming problem.”
He added: “Of the one-third of pensioner homeowners eligible for benefits, the proportion failing to claim remains very high while the amounts unclaimed are larger than for more than a decade. This is real cash that should be helping low-income pensioners deal with the cost-of-living crisis.
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“Figures for Pension Credit – the main means-tested benefit for older people – are particularly worrying because it is a gateway to other benefits such as Winter Fuel Payment. Only about one in 10 pensioners are eligible but we found 90 per cent of them were missing out.”
He said: “The survey is based on findings from specialist equity release advisers from our sister company HUB Financial Solutions who thoroughly check State Benefit entitlement. This ensures clients receive any income that could remove or reduce the need for them to release any funds from their property.”
He added: “Our take-up figures for homeowners are a little lower than the overall rates published by the government, suggesting some people may think owning a home rules them out of receiving State support.” And he said: “These findings once again raise questions about the support and guidance available to people heading into retirement and beyond. Pension Credit is not automatically paid but must be claimed – we would urge those who don’t know about it or assume they are not eligible to check if they are entitled. It could unlock thousands of pounds of income each year.”