Pensioners warned 850,000 older Britons may miss out on new £650 payment – check now

Yesterday, it was announced Britons in receipt of certain means-tested benefits would get a £650 payment to help with the cost of living. One of these is Pension Credit, designed to help people over state pension age on a low income.

However, the benefit is traditionally under claimed, meaning hundreds of thousands of people could miss out.

Jon Greer, head of retirement policy at Quilter, said: “Rishi Sunak has finally woken up to the disastrous picture pensioners face at present.

“It was just announced that pensioner households will receive an extra one-off Pensioner Cost of Living Payment of £300 to help with their bills and living costs.

“More than eight million low-income households on means-tested benefits (that includes those receiving Pension Credit) will receive a one off £650 payment.

This has been attributed to the raising of the state pension age, as well as other factors such as the introduction of the new state pension in 2016.

Mr Greer continued: “There are numerous reasons why pensioners don’t claim their credits including a lack of awareness, feeling like they would not qualify and simply feeling that they do not want to take up the benefit because of a negative attitude to asking for help or feeling like a burden to the state.

“However, the message is clear if you don’t claim the credit, you won’t get the help and the Government need to look at how they can publicise it effectively to qualifying pensioners.

“Even Sunak in his speech recognised that people would still fall through the cracks and not benefit from this policy even if eligible.”

Pension Credit tops up weekly income to £182.60 for singletons, and joint income to £278.70 for couples.

Some others may get Savings Credit which is £14.48 for those who are single, and £16.20 per week if people have a partner.

However, for this a person must have reached state pension age before April 6, 2016, and have saved some money for retirement.

Mr Greer did express satisfaction that there is a “light at the end of the tunnel” for pensioners.

This is especially the case for those individuals who are heavily reliant upon the state pension.

Yesterday, Chancellor Rishi Sunak confirmed the triple lock would make its return next year after its temporary suspension.

It is good news for older Britons worried about their income given the rising pace of inflation.

Mr Greer added: “Once the triple lock is reinstated next year pensioner income will be uprated to match the unique inflationary environment we are living in.

“However, until then, pensioners are suffering one of the worst disparities in their income versus the inflation rate ever.

“As the cold weather draws in after the summer and the huge rises in energy prices really start to bite, times will no doubt be incredibly tough for everyone, and this one off payment is a laudable move from the Government.”

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