Commenting on the DWP’s Pension Credit Awareness day, Jenny Holt, Managing Director for Customer Savings and Investments at Standard Life said:
“We welcome this initiative to help people of pension age, and on low incomes, access this crucial but often misunderstood benefit. With the current cost of living crisis, it is more vital than ever that those worst affected by rising prices are taking up all support available. The DWP estimate up to 1 million pensioner households who are entitled to Pension Credit do not claim it.
“Official figures highlight the importance of state benefits to certain groups of pensioner households. Nearly 80% of income comes from benefits, including the state pension, for the least well-off pensioner households, compared to around 15% for those in receipt of the highest incomes.
“Many people mistakenly believe that if they have some savings or their own home they won’t be entitled to Pension Credit, with others worried about a perceived stigma attached to claiming.
“However, eligibility is wider than often assumed and Pension Credit can be a real lifeline when times are tough. People who claim Pension Credit may also be able to get help with heating costs, NHS services, rent and council tax and a free TV license. We would urge people to check eligibility with a benefits adviser or the Government’s online Pension Credit calculator and make sure they are receiving all possible help.”