Pensioners told not to let benefits go begging - Pensions - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Pensioners told not to let benefits go begging

Pensioners told not to let benefits go begging

Category: Pensions

Updated: 26/04/2011
First Published: 26/04/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Pensioners are missing out on hundreds of pounds a year by not claiming the benefits that they are entitled to.

Around one in five pensioners who have never claimed state benefits are eligible to do so, according to Just Retirement.

Meanwhile, a quarter of those who are currently making some kind of claim could actually be entitled to even more benefits than they are getting.

On average it is estimated £675 a year in additional state benefits is not being claimed by pensioners.

However, in a small number of cases, it is believed the additional benefits could exceed £2,400.

Discounts on council tax and unclaimed pension credits are amongst the benefits that often go begging.

Stephen Lowe, a director at the retirement solutions firm, said that since the beginning of the recession, pensioners have been hit financially by higher taxes, spending cuts and inflationary pressures.

"Despite the fact that the Budget was less severe than expected, financial pressures for people in retirement have not eased," he added.

"Considering these factors, it is disturbing that pensioners are not taking the state benefits that they are entitled to."

If you are a pensioner, it is possible that you are one of the people who are missing out on valuable retirement income.

Contacting the Citizens Advice Bureau or visiting the website could help make your retirement a little bit more financially comfortable.

Find the best pension for you -Compare pensions.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Grandparents missing out on pension protection

Grandparents who give up work to take care of their grandchildren could be missing out on valuable state pension rights. So, if you're a grandparent taking care of a little one, make sure you’re building up all of the pension that you deserve.

Setting goals could boost your pension pot by £30K

Setting goals can be the key to success in many areas of life, helping motivate you to achieve anything from career progression to building up that house deposit - and if you have goals set for retirement, you could boost your pension by £30,000.

Pretend to be a time traveller day: Are you ready?

Today marks international ‘pretend to be a time traveller day’, a perfect occasion to look at what our lives might look like in 50 years’ time. Are you prepared for 2066?