Published On: Tue, Jan 9th, 2018

Over a MILLION pensioner households lacking out on hundreds of kilos of state advantages


PensionGETTY

The common amount of cash misplaced by pensioners by not claiming is £1,013

The common amount of cash misplaced is £1,013, however some aged householders are failing to assert £7,000 a yr they’re entitled to after a lifetime of paying taxes.

General six in 10 pensioner property house owners lacking out on full advantages entitlement, revealed new analysis.

4 in 10 who’re eligible for State assist are failing to assert any profit whereas two in 10 are claiming however not receiving their full entitlement.

The figures are significantly worrying coming as they do at a time when dwelling prices are rising and stuck incomes, like pensions, are painfully squeezed.

PensionGETTY

6 out of 10 pensioner property house owners are lacking out on full advantages entitlement


Many pensioners are struggling for earnings and inflation is rising, however as soon as once more we discovered far too many lacking out on State assist

Stephen Lowe


Stephen Lowe, of funding specialists Simply Group, which commissioned the research, stated: “Many pensioners are struggling for earnings and inflation is rising, however as soon as once more we discovered far too many lacking out on State assist.

“The shortfall may be hundreds of kilos a yr that might make a large distinction to individuals’s lives.

“One of many first duties when assembly shoppers is for the adviser to verify their entitlement to advantages.

“We discovered about 4 in 10 had been eligible to obtain a number of advantages, however that 61 per cent had been both not claiming something or claiming and receiving too little. 

PensionGETTY

1.4m households eligible to obtain Pension Creidt didn’t declare the profit, amounting to £three.3bn

“That’s a bit of decrease than current years, however nonetheless a trigger for concern.”

In 2017 the common worth of advantages underclaimed rose sharply to £1,013. 

Of the advantages investigated by researchers, the Assure Pension Credit score has the largest quantity of unclaimed money.

But that is price as much as £eight,286 a yr for a single individual and £12,352 for a pair.

PensionGETTY

Half of these eligible are lacking out on not less than one profit, and 1 in 10 is lacking out on two

One in three of these eligible for Assure Pension Credit score failed to assert with a median lack of £three,431. 

All of these not claiming the profit had been lacking not less than £1,000 a yr and in a single case the loss was £eight,060 a yr.

Financial savings Pension Credit score is the least seemingly profit to be claimed with a median unclaimed worth of £275 a yr.

Council Tax Discount is one other space of concern the place fewer than half of these eligible are claiming and the common quantity being misplaced is £491 a yr.

Mr Lowe stated: “The figures clarify that in a fancy system persons are struggling to become familiar with what State Advantages they’re entitled to.

“It strengthens the case for making free steerage the default choice for all these heading into retirement – except they particularly decide out – and that steerage ought to embrace details about entitlements to.

“It’s doable that householders specifically might imagine restricted assist is accessible, though proudly owning a property doesn’t essentially imply you’ve satisfactory earnings in retirement.

“That will clarify why 4 in 10 who may get assist are failing to assert any profit. 

“Equally worrying are those that are getting one profit, practically three in 10 of them are lacking out on not less than one different profit.”

The analysis discovered that total one in 4 of these eligible had been lacking out on greater than £1,000 a yr and one in 5 had been lacking out on between £500 and £1000 a yr. 

Half of these eligible had been lacking out on not less than one profit and one in 10 had been lacking out on two advantages.

The biggest quantity of misplaced profit found amongst Simply Group shoppers was £7,142 a yr for a 64-year-old in Norfolk. 

The oldest consumer was a 98-year-old from East Anglia who was lacking out on practically £410 a yr Council Tax Discount.

The latest official figures counsel round 1.4m households – greater than in 2015/16 – who had been entitled to obtain Pension Credit score (both Assure or Financial savings) didn’t declare the profit, to a complete value of £three.3bn or £2,000 per household. 

General, about 88 per cent of pensioner and 63 per cent of single pensioners personal their very own properties.

To search out out in case you are eligible for any State Advantages, go to the federal government web site direct.gov.uk or go to Residents Recommendation.


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