Cost of Living: Retirees Urge to Check Eligibility on Pension Loan Calculator | Personal Finance | Finance

Pensioners across the country are urged to check their eligibility Pension loan They should ensure they have the best chance of qualifying for the extra £324 as soon as possible Cost of living fee. The deadline to qualify for the payment ends on December 18, and people can check their eligibility using the online pension credit calculator.

Pension Credit is designed to help people over State Pension age and those on low incomes with day-to-day living costs, but people do not need to be in receipt of a State Pension to receive it.

Currently, it raises a person’s income to a minimum of £182.60 a week for single pensioners and £278.70 for couples, and the figures will increase by 10.1 per cent from April 2023, chancellor Jeremy Hunt confirmed in the autumn of November. Report. This will increase rates to £201.05 and £306.85 per week respectively.

Those who receive the credit are given access to a range of other benefits, including help with housing costs, council tax or heating bills – in addition to Extra Living Allowances.

People over State Pension age are urged to check online to see if they can increase their value income. Pension Loan Calculator.

read more: Britons urged to apply for pension credit before ‘cut-off date’

The calculator gives an indication of whether a person is eligible and how much he can get. The person must have details of their income, benefits and pensions, as well as savings and investments, and the same information from their partner if they have one.

However, there are certain requirements that mean people cannot use the calculator.

If they or their partner defer their state pension, this includes; own more than one property; Self Employed; have housing costs (such as service charges or Crown tenant rent) that are not covered by housing benefit, such as mortgage repayments or rent; or housing allowance for persons above state pension age and the other is under state pension age.

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Those who fit any of the listed categories are advised to call the Pension Loan Claims Line instead of 0800 99 1234 to check their eligibility. State Pension deferrals are advised to call the Pension Service helpline and ask about pension credit on 0800 731 0469.

If they check eligibility and apply by December 18 – just ten days away – pensioners could receive a cost-of-living boost of £324 thanks to Pension Credit backdating rules.

This is because successful Pension Credit claims can be backdated by up to three months – if the claimant is also eligible for it at that time.

read more: Treasury may be desperate for pensions next year, expert warns

One of the most recent was Arthur from Lincolnshire. Arthur, who heard about Pension Credit from his neighbour, called the Pension Credit Claim Line and successfully applied.

He said: “We are very pleased with the pension credit award we have received – the money has arrived quicker than expected and we are all very happy with the result. I would encourage other pensioners to check their eligibility – it has made a real difference to me.

Pension Credit can be claimed by telephone on 0800 99 1234 (Monday to Friday 8am to 6pm) and online at Pension Credit.How to claim‘ page.

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