The Pensions Policy Institute believes that within the next ten years, another 66% of pensioners will become entitled to the Governments pension credit.
For those currently entitled, it appears that only 70% have taken advantage. This means that 30% of pensioners are not getting the benefits they should.
According to the Pensions Policy Institute, under a million households are entitled to the pension credit alone, 1.4 million are entitled to both the pension and savings credit and 1.2 million are entitled to only the savings credit.
Our View
The current pension credit ensures that income of £105.45 for single people and £160.95 for married couples is received as a minimum. If claimants have savings they could claim an extra £15 per week individually or £20 per week for couples. Even if you think you might not be entitled to these benefits, you should check it out. Also, if you do not qualify now, you might do in future if your circumstances change.