Martin Lewis urges pensioners to make one phone call to get £11,300 handout
Financial guru Martin Lewis is encouraging state pensioners to secure an £11,300 payout with just one phone call. This winter is set to be challenging for many state pensioners following changes to the Winter Fuel Allowance, which has now become means-tested.
As a result, many who previously received the £300 handout will no longer qualify. The situation is further exacerbated by the removal of the £300 Cost of Living payment for pensioners, leaving many hundreds of pounds short for the winter months, reports the Express.
Consequently, Martin Lewis is advising pensioners to check their eligibility for Pension Credit, which could potentially recoup £300 this winter with a single phone call. Martin Lewis stated: "It's become more crucial than ever [to claim Pension Credit] because that Winter Fuel Payment that up to £300 payment that did to go every pensioner is now dependent on Pension Credit."
He continued: "So, Pension Credit, now I've been shouting about this here and everywhere and on my site for many years and it is chronically underclaimed."
He added: "So the most important thing I can say to everybody watching who may be eligible is those over 66 but also right across society, is many of our most vulnerable people are not claiming this crucial payment and we collectively have a responsibility to try and let them know about it."
Martin suggested that single pensioners earning less than £235 a week and couples earning less than £350 should check their eligibility as they could potentially receive the payment.
A person with no state pension could potentially claim the full amount of Pension Credit, which would equate to £218 a week or £11,300 annually.
The expert further explained: "If you're a single pensioner and you have total weekly income under £218 a week, you will likely get it, if it's under £235 a week you will maybe get it but it's still worth checking."
He added: "If you're a couple - both of you are state pensioners living together - then my rule is you should check if it's under £350 total weekly income."
"Under £333 you're likely to get it, under £350 there's a chance."
He also clarified: "If you're a state pensioner and your partner isn't a state pensioner you can't get it this way but you may still be eligible if your partner is claiming Universal Credit."
He went on to explain: "The most complicated thing is, total weekly income is any money from work, private pension, state pension and any benefits are included, plus if you have over £10,000 savings or investments, then for every £500 you are over that they count that as £1 a week income."
He quipped: "Which actually works out at a 10 percent return, chance'd be a fine thing."
Finally, he urged pensioners to follow his straightforward advice.
He emphasised: "Let's make this really simple: if you're a low income pensioner and you don't get pension credit, just go online and do the calculator. Or if online scares you, just call up the pension credit hotline and just talk to someone."
"You will not be told off for asking if you're due pension credit. If you're not due pension credit, they'll just tell you you're not due it."