Pension Credit could help to provide you or your loved ones with a stable financial foundation in retirement | News

Checking if you’re eligible for Pension Credit is a practical way of making sure you’re receiving what you should, and could help to counter the cost of living squeeze.

Far too many people are currently missing out on Pension Credit payments and more, but we can help.

 

The advantages of Pension Credit

Pension Credit is a type of financial support provided by the government to help people who’ve reached state pension age.

It can make a big difference in helping older households with modest incomes and savings to meet their basic needs in retirement and enjoy their golden years with greater peace of mind. Here’s how:

Extra income: Pension Credit can provide additional income for those struggling to make ends meet on their pension alone. Pension Credit is made up of two parts- a guarantee credit and a savings credit. The guarantee credit tops up weekly income if it’s below a certain level, and the savings credit is an extra payment for those who’ve saved some money towards their retirement.

Reduced bills and other financial support: Pension Credit also acts as a passport to other entitlements, such as cold-weather payments, council tax reductions, and help with health costs. More specifically, Pension Credit can help someone reduce their energy bills through the Warm Home Discount Scheme. This is a one-off discount of £150 off an electricity bill, available to those who receive the guarantee credit element of Pension Credit. As well as extra income, reduced energy bills and council tax reductions, Pension Credit can help to cover the cost of prescriptions and dental treatment.

Improved mental health and wellbeing: as financial pressures can take a toll on anyone, the extra income and financial support provided by Pension Credit can take away some of this stress and improve quality of life by allowing people to do things they might not have been able to afford before.

The amount of Pension Credit someone is entitled to will depend on individual circumstances, but it’s typically worth several hundred pounds per year.

 

Pension Top Up campaign- who can you help?

We encourage older people across Greater Manchester to check if they’re eligible for pension top up payments. As at May 2022, approximately 36,000 qualifying households in the city region were missing out on around £70 million in unclaimed Pension Credit. Just in Bolton, there were an estimated 4,000 qualifying households and £8 million going unclaimed. Research also suggests that the cost of unclaimed Pension Credit to the Greater Manchester health and social care sector is as much as £180 million.

We’re part of Greater Manchester Housing Providers, a partnership of 24 social housing providers. Together with Greater Manchester Combined Authority, through its Ageing Hub, we’re encouraging people to take up pension age benefits as part of our Pension Top Up campaign.

The campaign- supported by Independent Age, Age UK and Citizens Advice- encourages us all to ask our older family members and friends to check if they qualify for more income and make sure they know how to get assistance if it’s needed.

Research suggests that Pension Credit could lift over 2 million older people out of poverty in the UK.

 

Take action. Support’s available if you’d appreciate it.

You can check your eligibility for, and apply to claim, Pension Credit via the government's website at www.gov.uk/pension-credit or by calling the Pension Credit line on 0800 99 1234.

Or contact our Money Advice Team. We’d be happy to help you or a loved one check that you’re getting all the entitlements you’re due. Phone us 01204 328000 or email moneyadviceteam@boltonathome.org.uk

You can also contact the national charity Independent Age for assistance at www.independentage.org/get-support, or through their freephone helpline on 0800 319 6789.