New data from the Department for Work and Pensions (DWP) highlights that, in the 2022 fiscal year, an estimated 880,000 individuals beyond the state pension age missed out on crucial financial support, amounting to £2.1 billion.
While 63% of eligible pensioner households claimed pension credit last year, this marks a decrease from the 66% claim rate in 2020, although the DWP acknowledged the pandemic's impact on data collection.
The DWP has initiated an awareness campaign in April 2022 to encourage the uptake of this means-tested benefit. Recent reports indicate a 75% increase in new claims between May 2022 and May 2023.
Eligible pensioners or their family members can check their eligibility and estimate benefits online using the pension credit calculator on GOV.UK. Alternatively, they can call the pension credit helpline at 0800 99 1234, open from 8 am to 6 pm, Monday to Friday.
Pension credit offers financial support and access to other benefits, ensuring a minimum weekly income of £201.05 for single pensioners and £306.85 for couples, with additional assistance for those with disabilities or caregiving responsibilities.
Caroline Abrahams, charity director at Age UK said:
"I hate to think how difficult these pensioners' lives must be as they try to make ends meet on such a meagre income. It's good that the Government is taking steps to raise awareness of pension credit, but if next year's figures are not considerably better it will be time for a fundamental rethink about how pension credit is structured and claimed."
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