Martin Lewis warns one million pensioners are missing out on £3,000 a year
17 July 2020, 13:49
The Money Saving Expert has urged people to take action before August.
According to Martin Lewis, one million pensioners are missing out on £3,000 worth of pension credit per year.
The Money Saving Expert has urged people who are retired to take action as soon as possible.
In details released in this week's Money Saving Expert email, he said that families could be struggling as they are missing out on the scheme.
This credit is entitled to people who live in the UK, are over state pension age and earn less than £173.75 a week as a single person or £265.20 a week as a couple.
If you are entitled to pension credit, you could be saving yourself a huge amount of money.
For example, form August 1, people with pension credit will be the only ones allowed to claim a free TV license.
This is why Martin is urging people to look into whether they are eligible as soon as possible, as they could be missing out on savings.
Other savings for people with pension credit could be seen in a council tax reduction, money off gas bills as well as free dental care.
You will need to apply and be assessed before you can claim pension credit rewards.
The scheme is run by the Department for Work and Pensions, and can be applied for at Gov.uk or on the phone on 0800 99 1234.