Retirees generally turn to the state pension to provide them with financial assistance. However, this is not always the only form of help available.
Many retirees might find they qualify for the pension credit, which is designed specifically to help low-income people.
The benefit supervised by the Department for Work and Pensions (DWP) helps to supplement retirement income.
It provides additional funds to help cover living expenses for those over the legal retirement age.
The pension credit tops up weekly income at £177.10 for singles and joint weekly income at £270.30 for those in a couple.
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One of these key benefits is a free TV license for people over 75.
Under TV licensing and BBC rules, only Britons eligible for pension credit can unlock a free license.
Recipients of pension credit will also get free NHS dental care and can apply for help paying for glasses and going to hospital.
It is also unlikely that these people will have to pay council tax, which can represent a considerable burden.
Those who rent out their homes could have their rent paid in part or even in full, eliminating this high housing cost.
Similarly, landlords may be eligible for assistance with mortgage interest, rent and service charges.
Pension credit recipients are also eligible for a cold weather payment.
The scheme offers £25 to eligible people for every seven days of very cold weather between November 1 and March 31.
Recipients of Pension Credit will generally receive this payment automatically.
Finally, those on pension credit who are also carers can get an additional amount known as the Carer Addition.
It’s worth up to £37.70 a week and can put some extra cash in the pockets of those working hard to care for another person.
It is estimated that millions of people could potentially miss the pension credit.
Therefore, the government urged people to take steps to check their eligibility and make a claim. This can be done via the online service, by telephone or by mail.
The British will need the following information:
- national insurance number
- Information on income, savings and investments
- Information about income, savings and investments as of the date the person wishes to backdate their application (usually three months ago or the date they reached legal retirement age).