It was announced yesterday that Britons who receive certain property-tested benefits will receive a payment of £ 650 to help with living costs. One of them is the Pension Credit, which is intended to help people older than the state retirement age with low incomes.
However, the benefit is traditionally under-claimed, which means that hundreds of thousands of people can lose it.
Jon Greer, head of pension policy at Quilter, said: “Rishi Sunak has finally woken up in the catastrophic picture that retirees now face.
“It has just been announced that retirees’ households will receive a special lump sum of GBP 300’s living expenses to help with their accounts and living expenses.
“More than eight million low-income households with asset-tested benefits (including those receiving a pension credit) will receive a one-off payment of £ 650.
READ MORE: Rishi Sunak announces that retirees will receive a payment of £ 300
This is due to the increase in the age for the state pension and other factors, such as the introduction of a new state pension in 2016.
Mr Greer continued: “There are many reasons why retirees do not claim their credits, including a lack of information, a feeling that they would not qualify, and simply a feeling that they do not want to take this benefit due to a negative attitude towards a request for help or a burden. for the state.
“But the message is clear, if you don’t apply for credit, you don’t get help and the government has to see how it can effectively promote eligible retirees.
“Even Sunak acknowledged in his speech that people will still fall through the cracks and will not benefit from this policy, even if they are eligible.”
Pension Credit increases the weekly income to GBP 182.60 for individuals and the combined income to GBP 278.70 for couples.
Some others can get a savings credit of GBP 14.48 for those who are single and GBP 16.20 per week if people have a partner.
To do this, however, one must reach the state retirement age before April 6, 2016 and have saved some money for retirement.
Mr Greer expressed satisfaction that there was a “light at the end of the tunnel” for pensioners.
This is especially true for those individuals who are heavily dependent on a state pension.
Yesterday, Chancellor Rishi Sunak confirmed that the triple castle would return next year after a temporary suspension.
This is good news for older Britons, who are worried about their income due to rising inflation.
Mr Greer added: “As soon as the triple castle is restored next year, pensioners’ incomes will increase to match the unique inflationary environment in which we live.
“Until then, however, retirees are suffering from one of the worst income disparities and inflation rates ever.
“With the weather approaching after the summer and the huge rise in energy prices starting to get really sharp, the times will no doubt be incredibly difficult for everyone, and this one-off payment is a commendable step from the government.”