Three-Quarters of Pensioners Miss Out on £1,300 Payment They Don’t Know They’re Entitled To

Pensioners Missing Out on Significant Financial Aid

According to a recent report by Just Group, a significant number of pensioners are missing out on substantial financial assistance they are entitled to. The study reveals that three-quarters of eligible individuals fail to claim money owed to them, with an average of £1,339 annually being left untapped.

Eligibility and Awareness

The report indicates that more than four in ten (42%) pensioner homeowners are eligible for a range of government payouts. However, only 26% of these individuals are claiming the money they could receive, with many unaware of their options or simply unawares of them existing.

Council Tax Reductions and Beyond

A specific area where awareness is notably low is in council tax reductions. Just Group’s figures show that only 24% of those eligible are claiming this benefit, despite the average new claim value being over £1,000 annually.

Financial Strain and State Support

David Cooper, director at Just Group, emphasized the urgency of addressing this issue. “Our survey once again reveals what appears to be an epidemic of pensioner homeowners missing out on income they are entitled to claim,” he said. “Of those eligible for benefits, about three in four were failing to claim any benefit. These are low-income pensioner households likely to be struggling with the cost-of-living crisis.”

Furthermore, Cooper highlighted that many who do manage to claim benefits often receive insufficient amounts. Nearly one in seven (14%) of those claiming are receiving too little, missing out on an additional £1,162 a year on average.

Call for Action

The report raises serious questions about the support and guidance available to people heading into retirement. “Benefits like pension credit are not paid automatically but must be claimed,” Cooper noted. “People need the foresight to check if they are entitled to it, as cash-strapped pensioner households should not assume there is no state help available.” He added that a five-minute check could unlock thousands of pounds in additional income each year.

Conclusion

The findings from Just Group’s report underscore the need for improved awareness and support mechanisms to ensure pensioners are fully informed about their eligibility for various financial benefits. With over £1,300 a year potentially going unclaimed by millions of eligible individuals, there is an urgent call for action to bridge this gap in financial security.

For those interested in checking their eligibility or starting a claim, resources and guidance are available through the Department for Work and Pensions (DWP).