Wave Community Bank are dedicated to supporting our members’ financial wellbeing throughout East Sussex and Kent. One of the vital resources available for older adults is Pension Credit, a government benefit designed to provide additional financial support for those over State Pension age with a low income.
What is Pension Credit?
Pension Credit is an essential financial aid that gives you extra money to help cover your living costs. If you are over State Pension age and live in England, Scotland, or Wales, you may be eligible to claim Pension Credit, even if you have savings, a private pension, or own your home. This means that owning assets doesn’t automatically disqualify you from receiving this vital support.
When you apply for Pension Credit, your income is calculated, and if you have a partner, your incomes are assessed together. The benefit tops up your weekly income to:
- £218.15 if you’re single
- £332.95 if you have a partner
Furthermore, you may receive additional help if you are a carer, severely disabled, responsible for a child or young person, or have specific housing costs like ground rent or service charges.
A Call to Action
We’re backing the campaign to raise awareness and encourage the uptake of Pension Credit across East Sussex and Kent. Recent information from Kent Together revealed that over £68 million in Pension Credit remains unclaimed. In Kent alone there is an estimated 18, 000 people who are missing out on Pension Credit.
Don’t let this be you! To find out if you’re eligible for Pension Credit, check the Pension Credit eligibility rules on GOV.UK. There’s also a useful Pension Credit calculator available to estimate your potential claim; however, remember that it should only serve as a guide.
Understanding Savings Limits
It’s important to note that there is no savings limit for Pension Credit. However, if you have more than £10,000 in savings, it may impact the amount you receive. For every £500 over this limit, your weekly income is considered to be £1. For instance, if your savings total £11,000, this will count as £2 in weekly income.
How to Claim Pension Credit
You can start your application for Pension Credit up to four months before you reach State Pension age or at any time afterward, although your application can only be backdated for up to three months. You can apply online at GOV.UK or by calling 0800 99 1234 for assistance.
Information Needed for Application
When you apply, you’ll need the following information about yourself and your partner, if applicable:
- National Insurance number
- Details regarding any income, savings, and investments
- Bank account information (including bank or building society name, sort code, and account number)
Additional Entitlements
Once you are in receipt of Pension Credit, you may also qualify for additional benefits, including:
- Warm Home Discount scheme (£150 annually)
- Free TV licence for those aged 75 and over (£169.50 annual saving)
- Free NHS prescriptions and assistance with dental treatment, glasses, and transport costs
- Contributions towards Housing Benefit and Council Tax Reduction
- Eligibility for energy efficiency schemes, such as the Energy Company Obligation (ECO) scheme
Supporting Your Financial Wellbeing
At Wave Community Bank, we are committed to promoting financial wellbeing in our community. We offer ethical savings accounts and affordable loans to help you manage your finances effectively. If you have any questions about our financial services, please don’t hesitate to get in touch with us. Together, we can make a difference in the financial wellbeing of our members across East Sussex and Kent.
