English financial journalist Martin Lewis recently warned UK pensioners that they could be missing out on a £301 government payment. Lewis flagged the issue on his regular segment on Good Morning Britain, entitled ‘Wallet Wednesdays’, designed to assist people in navigating the cost-of-living-crisis.
He announced that approximately one million people have around a fortnight to access a Pension Credit benefit available through the Department for Work and Pensions (DWP).
Lewis commented to his viewers:
“Pension Credit is a top-up benefit that helps those of state pension age who are not getting enough income. Now, I’ve long been saying there are one million pensioners in the UK eligible for it who do not claim it. It’s an absolute tragedy.”
He added that people have been paying into the system for all their lives and because they are unaware of this option open to them, they are not benefiting from this valuable top-up.
He explained that although the current cost of living payment is now being paid and, for many people, the set eligibility period is finished, it is possible to backdate Pension Credit. As a result, those eligible can claim £301 and have until May 19 to claim.
UK savers with concerns that their pension will not provide them with sufficient income when they cease working often consult experts in retirement planning in Chester, Liverpool and other financial hubs. As holistic financial advisors, wealth managers are also retirement planning specialists and help their clients to prepare for the future.
