Last chance for people over State Pension age to claim £299 cost of living payment
04.03.2024 - 12:17
/ dailyrecord.co.uk
Retirement expert Helen Morrissey is urging nearly one million people over State Pension age on a low income not to miss a crucial deadline to claim the £299 cost of living payment. New claims for Pension Credit made before the end of March 5, which later turn out to be successful, will also qualify for a backdated payment of the final round of cost of living support from the Department for Work and Pensions (DWP).
Pension Credit is a retrospective benefit that can be backdated by up to three months, which would take any applications submitted before March 5 to within the qualifying period of November 13 - December 12, 2023.
The latest figures from the DWP suggest there are around 880,000 eligible pensioners not claiming the benefit they are entitled, potentially missing out on £3,900 additional annual income. Nearly 1.4m pensioners, including 127,000 living in Scotland are in receipt of the income-related benefit which also opens the door to additional financial support for housing costs, Council Tax, heating bills and free TV licences for the over-75s.
The benefit currently tops up income to a minimum of £201.05 per week for single pensioners and £306.85 for couples - more if a person has a disability or caring responsibilities. From April, the payments will increase to £218.15 per week for single pensioners and £332.95 for couples.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, explains: “These payments gave a huge boost to people’s stretched budgets last year, but the clock is ticking to qualify for the final payment. People have until 5 March to submit a claim for Pension Credit and if successful they will get this extra boost on top of the benefit.
“Pension Credit plays an important role in
The website celebfans.org is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can
send a complaint on the news if you find it unreliable.