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Pension Credit: Major shake-up mooted as 850,000 Britons miss out on £3,300 payment | Personal Finance | Finance

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At present, Pension Credit is probably the most under claimed profit in the UK, despite the support it will possibly provide. The payment is made available to people of state pension age and above, who’re on a low income.

Recent DWP statistics have shown the payment might be value upwards of £3,300, but many persons are failing to say it. 

Now, pension industry veteran Henry Tapper, and advantages adviser CEO Gareth Morgan are calling for a change to the best way the system runs.

Their campaign ‘Pension Credit – it’s for you!’ goals to extend participation of Pension Credit, and make the applying process more streamlined. 

It’s being supported by the Department for Work and Pensions (DWP), Independent Age, Policy in Practice, Virgin Money and inbest.ai.

READ MORE: State pension age changes may destroy your retirement plans

Henry Tapper, Chair of Pension Playpen, said: “It is a rallying call to the UK’s key influencers, the charities, the banks, the insurers, the pension trusts, the utilities and other services supporting pensioners to support the ‘Pension Credit – it’s for you!’ campaign.

“Around one in three eligible households are currently being failed. These persons are missing out on £1.7billion of much needed, unclaimed ‘free money’ that’s Pension Credit.  

“With the present cost of living crisis, the sense of urgency couldn’t be greater.

“Who’re these people?  That’s what we plan to seek out out. Many can have no concept that Pension Credit even exists. Many are women. 

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It might mean Pension Credit would find those that may gain advantage from the assistance, moderately than Britons having to go looking it out themselves.

The explanations for the failure to say Pension Credit are varied, however the study has identified three suggestions.

Firstly, many individuals have no idea the payment exists, nonetheless, some are aware but think it is just not for them.

Finally, some are confused into pondering that applying for Pension Credit may invalidate other advantages they already receive. 

Minister for Pensions, Guy Opperman, told Express.co.uk: “We wish to make sure pensioners receive all of the support to which they’re entitled and proceed to work closely with stakeholders and others to extend awareness of Pension Credit. The most recent figures show take up of Pension Credit is at its highest level since 2010, with the number of recent claims 30 percent higher in 2021 in comparison with 2019. 

“Nevertheless, I do know there may be more work to be done and I stay up for seeing the recommendations that emerge from the feasibility study.”

 

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