Thousands of older homeowners are missing out on substantial amounts of money they’re entitled to, according to research. Just Group’s recent findings reveal many state pensioners are not claiming the benefits they deserve, losing out on an average of £1,807 each year.
Additionally, nearly one in 10 pensioners who do claim are being shortchanged, forfeiting an extra average sum of £2,915 a year. Stephen Lowe, from Just Group, expressed his dismay at the ongoing situation: “Despite the focus on benefit as a result of the UK Government’s decision to axe Winter Fuel Payments to millions, our survey once again shows the scandalous scale of the under-claiming problem.
“Of the one-third of pensioner homeowners eligible for benefits, the proportion failing to claim remains very high while the amounts unclaimed are larger than for more than a decade. This is real cash that should be helping low-income pensioners deal with the cost-of-living crisis.”
Drawing attention to Pension Credit, which is meant to support the financially vulnerable, Lowe pointed out that despite eligibility, nearly 90 per cent of pensioners do not receive this essential aid.
He said: “The survey is based on findings from specialist equity release advisers from our sister company HUB Financial Solutions who thoroughly check State Benefit entitlement. This ensures clients receive any income that could remove or reduce the need for them to release any funds from their property.” He also pointed out: “Our take-up figures for homeowners are a little lower than the overall rates published by the government, suggesting some people may think owning a home rules them out of receiving State support,” reports Leicestershire Live.
“These findings once again raise questions about the support and guidance available to people heading into retirement and beyond. Pension Credit is not automatically paid but must be claimed – we would urge those who don’t know about it or assume they are not eligible to check if they are entitled. It could unlock thousands of pounds of income each year.”