The pension credit provides a weekly income supplement to low-income pensioners. However, it could also open the door to a host of other benefits.
However, Britons with higher weekly incomes may still be able to get financial help, as the ‘Savings Credit’ element of pension credit could provide a £14.04 weekly boost for pensioners singles or £15.71 for those in a relationship.
The savings credit only concerns people who reached the legal retirement age before April 6, 2016 and who have saved money for their retirement.
Claiming a savings credit could be beneficial even if it brings in only a small amount of money, because by receiving any form of pension credit, an individual will be able to claim other benefits as well.
For example, pensioners who receive pension credit and are over 75 are entitled to a free TV license which could save them £159 a year.
They will also be able to claim £140 off their electricity bill each winter through the Warm Home Discount scheme.
Help with housing costs may also be available, with tenants eligible for housing benefit and landlords eligible for mortgage interest assistance.
The council tax reduction benefit may also be available to pension credit recipients, who may even get their council tax paid in full.
NHS dental assistance, eyeglasses and transport costs for hospital appointments could also be claimed.
How to register
Britons can apply for a pension credit online via the government website.
Alternatively, they can apply by telephone via the Pension Credit Application Line, which can be contacted on 0800 99 1234.
Another option is to apply by post, which involves sending an application form to the Pensions Service.
Pension credit claims can be submitted up to four months before a person becomes eligible and can be backdated up to three months.