DWP £346.60 Pension Credit for Couples: The Department for Work and Pensions (DWP) is set to send a crucial leaflet to 11 million state pension recipients, informing them about possible unclaimed benefits worth up to £3,900 per year.
This move comes as state pension rates are set to increase by 4.1% in April under the triple lock system. Many pensioners may be missing out on additional financial support, and the DWP aims to raise awareness through this campaign.
DWP’s Effort to Boost Pension Credit Awareness
Pensions Minister Torsten Bell recently confirmed in Parliament that alongside the annual state pension uprating letters, a leaflet promoting Pension Credit will be included. Despite government campaigns, hundreds of thousands of eligible pensioners are still not claiming this benefit, which acts as a financial top-up for those on lower incomes.
How Much Extra Money Can Pensioners Get?
Pension Credit ensures that:
- Single pensioners receive a minimum weekly income of £218.15
- Couples receive at least £332.95
After April’s benefit increase, these amounts will rise to:
- £227.10 per week for single pensioners
- £346.60 per week for couples
Since the average successful Pension Credit claim boosts yearly income by approximately £3,900, pensioners are being encouraged to check their eligibility.
Additional Benefits of Claiming Pension Credit
Beyond the financial top-up, Pension Credit claimants gain access to various government support schemes, including:
- Free TV licence for over-75s
- Help with NHS costs, including dental treatment and glasses
- Winter Fuel Payment to help with heating costs
With rising living costs, these extra benefits could significantly ease financial pressure on pensioners.
State Pension Increase from April 2025
From April, state pensions will also increase by 4.1%, meaning:
- The full new state pension will rise from £221.20 to £230.25 per week
- The full basic state pension will increase from £169.50 to £176.45 per week
To qualify for the full new state pension, individuals need 35 years of National Insurance contributions, while the full basic state pension requires 30 years of contributions.
Who Can Apply for Pension Credit?
Residents of England, Scotland, or Wales who have reached state pension age can apply for Pension Credit. Applications can be submitted up to four months before reaching state pension age.
Debate Over the Future of the Triple Lock System
With concerns over public spending, some finance experts suggest reviewing the current triple lock system, which ensures state pension increases by the highest of:
- Earnings growth
- Inflation
- A minimum of 2.5%
Steven Cameron, Pensions Director at Aegon, proposed an alternative approach where pensioners would receive an inflation-based increase as a minimum. If wage growth over three years exceeds inflation, an additional increase would be provided. This method aims to smooth out fluctuations while still ensuring pensioners benefit from economic growth.
The DWP’s decision to send leaflets about Pension Credit could make a huge difference for pensioners who may be unaware of their entitlements. With the state pension and Pension Credit increasing from April, those eligible should check if they qualify for extra support.
Claiming Pension Credit not only boosts income but also grants access to valuable benefits like free TV licences and help with healthcare costs. Pensioners are encouraged to apply as soon as possible to take advantage of these financial aids.
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FAQ
What is Pension Credit, and who can claim it?
Pension Credit is a government benefit that provides additional income to pensioners on low incomes. UK residents who have reached state pension age can apply.
How much extra money can I get from Pension Credit?
Pension Credit guarantees a minimum weekly income of £218.15 for single pensioners and £332.95 for couples. From April 2025, these amounts will rise to £227.10 and £346.60, respectively.
What additional benefits come with Pension Credit?
Claimants can receive a free TV licence (if over 75), help with NHS costs, and eligibility for the Winter Fuel Payment, which supports heating expenses.
How do I check if I’m eligible for Pension Credit?
You can check eligibility and apply through the UK government’s official website or by calling the Pension Credit helpline.
Why is the state pension increasing in April?
The state pension follows the triple lock system, ensuring annual increases based on earnings growth, inflation, or 2.5%, whichever is highest.
How can I apply for Pension Credit?
You can apply online through the official UK government website, by phone, or by post. Applications can be submitted up to four months before reaching state pension age.
What is the full new state pension amount for 2025?
From April 2025, the full new state pension will increase from £221.20 to £230.25 per week, while the full basic state pension will rise from £169.50 to £176.45 per week.
How many years of National Insurance contributions are needed for the full state pension?
To receive the full new state pension, you generally need 35 years of National Insurance contributions, while the full basic state pension requires 30 years of contributions.
Can I get Pension Credit if I have savings?
Yes, but if you have savings over £10,000, every £500 above this amount is counted as an additional £1 of weekly income when assessing eligibility.
What is the triple lock system for pensions?
The triple lock system ensures state pensions increase yearly based on the highest of wage growth, inflation, or 2.5%, providing financial security for pensioners.
I am 73 what will I get pension wise this year