State pensioners have been urged to check immediately if they are eligible for Pension Credit as the benefit could entitle them to a £299 cost of living payment.
Eligible people will need to get their application in by March 5 to qualify for the final part of a £900 cost of living payment, that has been going out in three instalments this financial year.
A person will need to backdate their Pension Credit claim by three months to meet the criteria to get the payment.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Time is running out for pensioners to claim Pension Credit and qualify for a £299 cost of living payment.
“These payments gave a huge boost to people’s stretched budgets last year, but the clock is ticking to qualify for the final payment.”
Pension Credit can boost a person’s income by £3,500 over the course of a year and provides access to other support.
Ms Morrissey said: “Pension Credit plays an important role in topping up the incomes of the poorest pensioners and yet it remains hugely underclaimed with only 63 percent of families eligible for it actually claiming it.
“Many people believe you can’t claim Pension Credit if you own your own home or have some savings put by but this isn’t the case.
“On top of the income top up and the cost of living payment, it opens the doorway to further support such as help with NHS costs, heating bills and council tax.
“For the over 75s there is also the free TV licence. Claiming today could have a huge impact on your standard of living in retirement so it’s really important to put in a claim if you think you or a loved one may be eligible.”
The benefit tops up a person’s weekly income to £201.05 for single claimants and up to £306.85 for couples.
There is an extra £76.40 a week payment for those with a severe disability, such as those on Attendance Allowance or on the daily living component of PIP.
You could also get an extra £42.75 if you care an adult, including claimants who receive Carer’s Allowance.
Benefit payments are increasing 6.7 percent in April while state pension payments are going up 8.5 percent.
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