Married pensioners could claim £4,300 income boost | Personal Finance | Finance

Up to 760,000 pensioners are missing out on a  State Pension supplement averaging £4,300. Pension Credit, a means-tested benefit, is currently being claimed by 1.4 million people, but thousands have not yet claimed the money. 

The pension supplement could provide an average boost of around £4,300 in this financial year. The Department for Work and Pensions (DWP) has been urging pensioners to verify their eligibility, with 78% of new Pension Credit applications processed within 50 working days. A couple’s joint income could be increased to £346.60 and a single pensioner could see their weekly income increase to £227.10.

Pension Credit can provide additional funds to help cover living costs for those over the State Pension age, which is currently 66 for both men and women, and who are on a low income.

Carers, individuals with severe disabilities, or those responsible for a child or young person may also qualify for this additional assistance. Even those with other income sources, savings, or home ownership can receive this benefit.

Receiving Pension Credit does not preclude you from obtaining other forms of aid, such as Housing Benefit, Cold Weather Payments, or reduced Council Tax.

To be eligible for Pension Credit, claimants must reside in England, Wales, or Scotland and have reached State Pension age.

Applicants with a partner should declare this on their application. A partner can be defined as a spouse, civil partner or someone you cohabit with in a relationship akin to marriage or civil partnership.

Eligibility for application extends to those who, along with their partner, are of State Pension age or if one party is receiving Housing Benefit for individuals over the State Pension age.

The Government considers the following as income when assessing Pension Credit: State Pension, other pensions, earnings from employment and most social security benefits.

However, these benefits are not included as income:

Unclaimed personal or workplace pensions are still considered as income. For those who have deferred their State Pension, the amount they would receive is also counted as income.

Savings and investments up to £10,000 will not impact your Pension Credit. However, every £500 above this threshold is treated as £1 income per week. For instance, savings of £12,000 would equate to a weekly income of £4.

Successful Pension Credit applicants will automatically qualify for Cold Weather Payments and be eligible to apply for a free TV licence if they are 75 or older.

They will also be entitled to assistance with NHS costs if they receive the Guarantee Credit component of Pension Credit.

Applications can be started four months prior to reaching State Pension age. Applications submitted after reaching State Pension age are backdated by three months.

Applications can be submitted online, via phone on the Pension Credit claim line 0800 99 1234, or by post at Freepost DWP Pensions Service 3.

There’s no requirement for a stamp on the envelope, but applicants will need to download and print the Pension Credit claim form or request one over the phone.