Money Saving Expert Martin Lewis has warned that hundreds of thousands of pensioners could be missing out on over £3,000. In the new MoneySavingExpert (MSE) newsletter, Lewis revealed that many pensioners are missing out on a ‘critical boost’.
Some 800,000 pensioners are missing out on pension credit - which could see them receive around £3,300 more per year. Lewis has urged those over 66 to see if they’re due the extra payment.
This could be a vital boost for anyone affected by the cost of living crisis, which has seen thousands of families and individuals financially struggling. The payment is needed now more than ever to some as we enter the colder months.
Those who are eligible for the payment will receive it based on savings, disabilities and other circumstances too. It’s a benefit top-up of sorts for those who are struggling to make ends meet with what they currently have.
You can either get Savings Credit or Guarantee Credit, dependent on your circumstances. The latter sees your weekly state pension boosted to £182.60 if you’re single or £278.70 weekly if you’re a partner.
As mentioned, this will be crucial to some as we enter harsher weather. The Met Office are predicting colder than usual temperatures for this time of year, saying “Exact weather conditions will be dictated by where the high pressure settles over the Atlantic and the UK, but we are likely to see a higher incidence of northerly airflows, preventing mild, moist air flowing to the UK from the Atlantic Ocean and increasing the potential for cold snaps with some threat of snow and ice, mainly in northern areas.”