Today’s DWP data on Pension Credit take up reveals that up to one million pensioner families could be losing out on an average of £2,600 a year in Pension Credit – benefit income they are eligible to receive.
- Up to 910,000 families who were entitled to receive PC did not claim the benefit in FYE 2024
- Up to £2.5 billion of available PC went unclaimed in FYE 2024, an increase from the estimate of up to £1.5 billion unclaimed in FYE 2023
- On average, this amounted to around £2,600 per year (an increase from £1,900 in FYE 2023) for each family entitled to receive PC who did not claim the benefit
Richard Sweetman, Senior Consultant at leading independent consultancy Broadstone, said: “These figures highlight a continuing challenge in pension engagement and education. With nearly a million families missing out on Pension Credit worth an average of £2,600 a year, it’s clear that too many people are unaware of the support available to them in later life.
“As the Government continues efforts to increase take-up, employers also have an important role to play in helping their workforces plan for retirement. Encouraging pension education in the workplace – whether through signposting to resources or financial wellbeing programmes – can make a real difference in ensuring employees are informed about the state benefits and income top-ups they may be entitled to.
“The benefits system can be complex, and awareness often comes too late. By building understanding early, businesses can empower employees to make better financial decisions, both during their careers and retirement.”
