Thousands unclaimed by pensioners

Extended family sitting round dinner table chatting and eating dinner

Seven in ten households with pensioners are failing to claim any – or enough – State support worth thousands of pounds a year. Half are forgoing any financial help while a further fifth are not claiming the full amount.

The findings have been published by retirement income specialist Just Group. It has tracked State benefit take-up by pensioners for the past nine years and has calculated that the average sum unclaimed is £1,058 – the highest for five years.

Three key benefits regularly overlooked are Guarantee Pension Credit, Savings Pension Credit and Council Tax Reduction.

Guarantee Credit tops up incomes that fall below £163 a week or £248.80 for a couple. Savings Credit supports those who have tucked some money away for retirement – and is worth an additional £13.40 a week or £14.99 for couples.

Many people are only discovering the sums lost when they ask advisers about selling equity in their home as a way of affording retirement.

The highest amount unclaimed by one Cheshire-based couple in their 50s was £5,702 a year. To claim either of the pension credits call 0800 99 1234. Council Tax Reduction is managed by local authorities.

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This article was written by Laura Shannon from Financial Mail on Sunday (Daily Mail) and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.