Cost of living: Just days left to apply for Pension Credit which triggers £301 cost of living payment
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Thousands of households have just days left to apply for Pension Credit - which will automatically make them eligible for the £301 cost of living payment. Pensioners are being urged to check if they are missing out on the benefit, which could make them up to £3,500 better off per year, according to the Department for Work and Pensions (DWP).
Pension Credit claimants are also entitled to the £301 cost of living payment, but only if they backdate their claim by May 19. Figures show almost one million households are missing out on the benefit, with consumer champion Martin Lewis speaking out about the “vital” help recently.
You could also get extra help towards housing costs and other bills. Here’s what you need to know about Pension Credit and how to apply.
Pension Credit - check if you’re eligible and how to apply
Pension Credit is a benefit for people who have reached state pension age and are on a low income. The state pension age is currently 66 for both men and women, but is rising to 67 by 2028.
If you’re eligible, your income will be topped up to £201.05 per week for single people and to £306.85 for couples. It doesn’t stop there as Pension Credit also gives you access to other help including free TV licences for over-75s and support with housing costs and other bills.
You may be entitled to one or both elements of Pension Credit, depending on your circumstances. The Guarantee Credit element of Pension Credit tops up your weekly income to:
- £201.05 if you’re single
- £306.85 if you have a partner
Note that your income needs to be below these amounts to claim Guarantee Credit.In some cases, you might still be eligible if you have a higher income and you have a severe disability, you’re a carer or you have to pay housing costs, such as a mortgage.
If you reached State Pension age before April 6, 2016, or you have savings or a second pension, you may be eligible for the Savings Credit element of Pension Credit.
You could get up to:
- £15.94 if you’re single
- £17.84 if you’re a couple
You might get additional payments if you’re a carer, severely disabled, or responsible for a child or young person. You can apply for Pension Credit online on the Gov.uk website or by calling 0800 99 1234. The deadline is Friday, May 19.