DWP four-week warning as thousands to miss out on £4k | Personal Finance | Finance
State Pension age individuals could be overlooking additional financial aid, according to the latest four-week warning from the Department of Work and Pensions (DWP).
The DWP recently revealed that nearly 78% of new Pension Credit applications are fully processed within 50 working days.
This implies that low-income elderly people could receive their initial payment, along with any arrears, by the end of December if they apply this month.
The full New State Pension is valued at £221.20 per week, while the full Basic State Pension is worth £169.50.
According to data from the Office for National Statistics (ONS), in 2021, approximately 3.3 million people aged 65 years and over were living alone in England and Wales, with around 337,000 single pensioner households recorded in Scotland.
The recent alteration to the Winter Fuel Payment eligibility – worth up to £300 – means that Pension Credit claimants will automatically qualify, and new claims made before December 21 will be eligible for a backdated payment.
Pension Credit is also currently the most under-claimed benefit.
Almost 1.4 million elderly individuals across Great Britain, including over 125,000 residing in Scotland, are currently receiving this means-tested benefit, which could offer nearly £4,000 in extra support during the upcoming year.
However, recent data from the DWP indicates that there are still 880,000 pensioners eligible but not claiming the benefits they’re entitled to.
Some elderly individuals mistakenly believe that owning their home or having savings disqualifies them from this means-tested benefit, which can also offer assistance with housing costs, heating bills and Council Tax.
Pension Credit is available as Guarantee Credit and Savings Credit. To be eligible for Guarantee Pension Credit, you must have reached State Pension age (currently 66).
Your weekly income should be less than the minimum amount the UK Government considers necessary for living.
This minimum is set at £218.15 for single people and £332.95 for couples. These amounts may be higher if you’re disabled, a carer, or have certain housing costs.
Guarantee Credit tops up your weekly income to a certain level. You might qualify for more if you’re disabled, a carer, or have certain housing costs.
Savings Credit can provide up to a certain amount. The exact sum you’ll receive depends on your income and savings. Any income from savings and capital over £10,000 is taken into account.
