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Cost of living: Pensioners have one week to assert £324 payment – ‘Time is running out!’ | Personal Finance | Finance

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Age UK is warning older people who “time is running out” to use for Pension Credit, a profit payment offered by the Department for Work and Pensions (DWP). That is one among the qualifying means-tested advantages for the Government’s £324 cost of living payment. Households are currently experiencing an exponential rise of their energy bills, in addition to soaring inflation, with older people being worse affected.

This £324 is a component of the Government’s larger £650 cost of living payment for people on means-tested advantages.

The support was rolled out in two instalments with the primary £326 being awarded to Pension Credit claimants earlier this 12 months.

Pensionerrs have until December 18, 2022 to use for the DWP profit to turn into entitled to the £324 cost of living payment.

This is just one week away and will significantly assist those that are struggling to make ends meet.

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Caroline Abrahams, the charity director at Age UK, warned that the “cut-off date” for eligibility is fast approaching and people entitled to Pension Credit should apply as soon as possible.

Ms Abrahams explained: “We all know that around 770,000 pensioner households are still missing out on Pension Credit and it’s likely that each one among them is struggling to administer their escalating bills in the mean time.

“We’re urging anyone who’s finding it hard to pay for the fundamentals reminiscent of food and energy to get in contact for a advantages check – claims should be made by mid-December with a purpose to meet the cut-off date for eligibility for the additional payment.

“A successful claim – price a median of £1,900 a 12 months per household along with the fee of living payment – may very well be life-changing, giving people the arrogance to eat well and keep their heating on over the approaching months.”

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On top of this, the Government has confirmed that profit payments will rise by 10.1 percent next April in an extra bid to help those in need.

That is in keeping with the Consumer Price Index (CPI) rate of inflation for September which is typically used to find out the state pension triple lock.

One in every of the profit payments which is able to receive a rate boost is Pension Credit but Ms Abrahams is urging for much more to be done within the winter months.

She added: ““Even though it’s excellent news that the State Pension and advantages will rise in keeping with inflation from April, many older individuals are still extremely nervous about staying warm and well over the approaching months.

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“Nevertheless there may be loads of extra support available to assist those on the bottom incomes this winter and it’s not too late to assert it.

“Putting in a successful claim now for Pension Credit will mean it might probably be backdated by three months, which is able to not only entitle people to a £324 lump sum cost of living payment but will even open the door to a big amount of additional help towards energy and other bills.”

What’s Pension Credit?

This profit payment awarded claimants extra cash to assist with their living expenses in the event that they are of state pension age and on a low income,

It could actually even be to assist individuals with housing costs, for instance costs reminiscent of ground rent or service charges.

Extra amounts could be given to people in the event that they are carers, severely disabled, or chargeable for a baby or young person.

Currently, Pension Credit tops up a person’s weekly income to £182.60 in the event that they are single and their joint weekly income is £278.70 in the event that they have a partner.

With the ten.1 percent rate hike next 12 months, single claimants will see their payments rise to £201.05 every week, which is the reminiscent of £804 a month or £10,454 a 12 months.

Compared, those that are in a pair will experience their Pension Credit payments increase to £1,227 a month or £15,956 a 12 months.

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