Over 1million hard-up pensioners to get extra £960 a year due to Autumn Statement benefit change
MORE than one million hard-up pensioners will get an extra £960 a year, The Chancellor confirmed in his Autumn Statement.
Jeremy Hunt announced that pension credit will increase by 10.1%.
It’ll come into effect in April 2023, and the boost for the average pensioner receiving pension credits will go up by £960.
The government also announced that state pensions and benefits will rise in line with inflation.
Speaking in the House of Commons, Mr Hunt said: “I have talked a lot today about British values – of compassion, hard work, dignity, fairness.
“There is no more British value than our commitment to protect and honour those who built the country we live in.
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“To support the poorest pensioners, I have decided to increase pension credit by 10.1% which is worth up to £1470 for a couple and £960 for a single pensioner in our most vulnerable households.”
Pension credit is designed to boost your income if you’re over State Pension age and on a low income.
It boosts the weekly income of the poorest pensioners, currently up to £182.60 for a single person and £278.70 for couples.
According to the government’s own figures, around £1.7billion in Pension Credit has gone unclaimed.
In today’s Autumn Statement, Jeremy Hunt announced:
- Up to £1,350 in cost of living payments
- Pension triple lock to stay in £870 boost for seniors
- Benefits including Universal Credit and pension credit to rise with inflation
- New work coach requirements for Universal Credit
- Social housing rents to rise 7%
- Freeze on income tax and National Insurance thresholds
- Stamp duty cut to end in 2025
- Typical energy bills to be capped at £3,000
- Minimum wage to rise to £10.42 an hour
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How do I check if I’m eligible?
To qualify, either you (or your partner if you live with one) must have reached State Pension Age, which is currently set at 66.
You also need to live in England, Scotland or Wales
Your household income will be calculated when you apply, and if you fall short of the thresholds you will be awarded a top-up amount.
Your income includes:
- State Pension
- other pensions
- earnings from employment and self-employment
- most social security benefits, for example Carer’s Allowance
If you have £10,000 or less in savings and investments this will not affect your Pension Credit.
If you have more than £10,000, every £500 over £10,000 counts as £1 worth of weekly income.
You can start your application up to four months before you reach State Pension age.
You can apply any time after you reach State Pension age but your application can only be backdated by three months.
You can use the online service if:
- you have already applied for your State Pension
- there are no children or young people included in your application
You can apply online using the government service.
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Alternatively, you can apply by phone on the Pension Credit claim line on 0800 99 1234.
To apply by post, print out and fill in the Pension Credit claim form or call the claim line to request one.