Martin Lewis urges people on ‘higher income’ to claim free £300 from DWP
Martin Lewis has urged people on ‘higher income’ to claim a free £300 from the Department for Work and Pensions. The BBC Sounds star has written in the Money Saving Expert newsletter over the importance of claiming Pension Credit if you're owed.
Mr Lewis said: "You can qualify with HIGHER income if you have a disability or illness. An example is those who get Attendance Allowance (AA) - a crucial payment for older people who need help and support with day-to-day activities (do click the link and read more, it's massively underclaimed too).
"If you get it, the income threshold for qualifying for Pension Credit rises by £82/wk (on top of your AA payment, which isn't counted as income). " Mr Lewis said previously: "Pension credit's a naff name, it should be called 'the State Pension Top Up'.
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"Technically it's a means-tested benefit to help those without enough to live off, with two parts. Guarantee credit tops your income up to at least £218.15 a week for single people or £332.95 a week for cohabiting or married couples of state pension age. The average top-up is £75 a week so that's £3,900 a year.
"The reason I say check if you've income under £235 (£350 for couples) is first as you may get more if you've got extra 'responsibilities', such as a severe disability, you're a carer or look after an under 20-year-old, and second because of…
"Savings credit applies to the three in four state pensioners who are on the OLD state pension (roughly those aged 72+). It is designed to reward those who saved towards retirement. For each £1 of income (incl savings) you have above £190/wk, you get 60p of Savings Credit, though once you hit £218/wk, your Pension Credit is reduced by 40p for every £1 above (numbers differ for pensioner couples).
"It's all a bit complex, so just check if you're due."