MILLIONS of retirees will soon have to pay for their TV licenses, but Martin Lewis explained how to still get it for free by requesting a pension credit.
The money guru appeared on ITV’s Good Morning Britain today and criticized the BBC’s decision to remove the pension benefit and opt for “the benefit that is the one of the worst benefits claimed “.
On Monday, the BBC announced that those over 75 will no longer automatically get free licenses from June of next year.
Only households where at least one person receives a pension credit – currently around 900,000 – will not have to pay.
Martin said estimates show that 40 percent of retirees eligible for the benefit do not claim it, which means up to 1.3 million people could be short.
He is now urging the British to start “a national conversation” about it so that more people get the money they are entitled to.
Martin said: “Hopefully the BBC uses all of its communications resources to communicate to people that they should be claiming a pension credit.
“It should be part of the main campaign next May when that changes.”
He has already started the conversation himself and has been on TV to explain how you can apply for pension credit and get a free TV license.
How to watch TV legally without paying a license
IN THE UNITED KINGDOM, any household watching or recording live television must have a TV license.
In recent years this has been extended to include BBC programming on iPlayer, whether live, catch-up or on-demand. But does everyone really need a permit? Here’s how to avoid paying – legally.
TV on demand – like catch-up TV and on-demand previews – which are available through services like ITV Player, All4, My5, BT Vision / BT TV, Virgin Media, Sky Go, Now TV, Apple TV, Chromecast, Roku and Amazon Fire tv
Movies on demand – from services like Sky, Virgin Media, BT Vision, Netflix and Amazon Instant Video
Checked in films and programs – either via DVD or Blu-ray, or downloaded from the internet
Youtube – Video clips on demand via services like YouTube
The pension credit is a means-tested benefit that helps low-income people by giving them extra money throughout retirement.
It is available for people over the statutory retirement age who live in England, Scotland or Wales.
This figure is currently rising to 66 for both men and women.
Martin said: “The pension credit has two parts, and it’s actually a supplement for retirees to make sure they have enough money to come.
“The first, the main one, is called the guarantee element.
“That actually says that if you as a single person have less than £ 167 in income per week or as a couple less than £ 255 per week you are entitled to state supplement for you. get.
“Income could come from pensions, jobs or savings if they exceed £ 10,000,” Martin added.
The second element is called the savings element, he continued.
This tends to apply to people who started their retirement before 2016, and can be worth £ 600-700 per year.
It is given to those who have saved some money for retirement but still have low weekly incomes, Martin said.
He added: “What he does is he says, ‘Wait, your savings have given you nothing if we have just increased you to the pension guarantee level.’
“They wouldn’t have meant anything to you, so it wouldn’t have been worth saving.
“So that gives you a little bit of extra credit for the fact that you have savings, so your savings means you’re at least better off than someone who has no savings.”
“Otherwise, it would dissuade you from saving.”
He concluded by urging viewers and those close to them to “change the game” and immediately call the retirement line of credit.
How to register
The pension credit line can be contacted on 0800 99 1234. It is open Monday to Friday from 8 am to 7:30 pm.
You will need certain information before placing the call, including:
- Your national insurance number
- Information on your income, savings and investments
- Details of the account you want the money to go to
The earliest possible date to apply is four months before reaching the statutory retirement age.
If you apply after reaching retirement age, you can backdate your application up to three months.
The amount you will be paid depends on your personal situation.
Fortunately, there is a useful government calculator, which will tell you exactly what you can expect to receive.
You will need to have a lot of financial information on hand, including details about your income, benefits, pensions, savings, and investments.
You will also need the same information for your partner if you have one.
The BBC’s decision sparked outrage this week, and hundreds of thousands of Britons signed petitions calling on the broadcaster to abandon its plans.
Prime Minister Theresa May has also asked the BBC to reconsider the decision.
While the Age UK charity has previously warned that the additional bill could trigger “great concern and distress” among vulnerable retirees.
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