State pensioners have been warned “too few” are reaping the State Benefit – because eight out of 10 pensioner homeowners are failing to claim, missing out on £1,800 per household. Just Group’s State Benefits annual insight report shows thousands is unclaimed.
Analysis finds 79 per cent eligible are failing to claim any benefits and a further nine per cent who are claiming are receiving less than their full entitlement. Retirement specialist urge low-income pensioners to check if they are missing out.
Just Group’s 15th annual State Benefits insight report found that eight in 10 are missing out onan average of £1,807 a year extra income. Nearly one in 10 (9%) who were claiming were receiving too little, on average missing out on anadditional £2,915 a year income.
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“Despite the focus on benefits as a result of the government’s decision to axe Winter Fuel Payment sto millions, our survey once again shows the scandalous scale of the underclaiming problem,” said Stephen Lowe, group communications director at the retirement specialist Just Group.
“Of the one-third of pensioner homeowners eligible for benefits, the proportion failing to claimr emains 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.“
Figures for Pension Credit – the main means-tested benefit for older people – are particularlyworrying because it is a gateway to other benefits such as Winter Fuel Payment. Only about one in 10 pensioner homeowners are eligible but Just Group found 90% of them were missing out.
The research from Just Group is based on in-depth fact-finding interviews with clients seeking advice on equity release during 2024. It shows 33% were entitled to one of the key benefits. Of those eligible, nearly eight in 10 (79%) were not claiming any benefit and one in 10 (9%) wereclaiming less than they were entitled to.
“The survey is based on findings from specialist equity release advisers from our sister companyHUB Financial Solutions who thoroughly check State Benefit entitlement,” said Mr Lowe.
The highest amount of extra income uncovered was £145.37 a week due to a couple in their mid 70s living in Suffolk. Although not claiming anything, the advisers found they were eligible each week for £95.26 Guaranteed Pension Credit, £19.04 Savings Pension Credit and £31.07 Council Tax Reduction – a total of £7,560 a year extra income.