Kwarteng says UK ‘committed’ to helping pensioners
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Those who are of state pension age are entitled to a great deal of financial support from the Government, including the Winter Fuel Payment. This particular means of support will be particularly useful for many older households as energy bills are expected to rise by 27 percent of this month amid the cost of living crisis. In light of this, experts are urging pensioners to “check your entitlement” as soon as feasibly possible.
Who is eligible for the Winter Fuel Payment?
Those entitled to the Winter Fuel Payment can get anything between £250 and £600 to help you pay their energy bills. All payments are usually made automatically sometime in November and December.
However, to get this assistance, state pensioners need to be in receipt of another benefit payment linked to the support.
- Housing Benefit
- Council Tax Reduction
- Child Benefit
- Universal Credit
- Adult Disability Payment
Claimants need to be born on or before September 25, 1956 and have lived in the UK for at least one day during the week of September 19 to 25 2022.
Outside of this £600 energy bill boost, there are other benefit payments pensioners can get to pay for their gas and electricity costs.
Speaking exclusively to Express.co.uk, Salman Haqqi, a personal finance expert at money.co.uk, discussed how state pensioners can manage their money better during the cost of living crisis.
Notably, older people are entitled to many benefit payments and schemes which are provided by the Government via the Department for Work and Pensions (DWP).
On benefit entitlement, Mr Haqqi explained: “Check what you could be entitled to as soon as possible.
“Government figures suggest 850,000 people are eligible for Pensions Credit but aren’t claiming it, for example.
“More than that, one benefit often leads to another, with Pensions Credit entitling you to a free TV licence as well as the new cost of living support payments too.
“Other aid offered by the government includes an attendance allowance, which will allow you up to £92.40 a week of extra income, and a winter fuel allowance of up to £600, both of which can be applied for on the government website.”
It should be noted that pensioners are also entitled to the Government’s £300 cost of living payment which is being rolled out to older households across the country.
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Outside of Government aid, the personal finance expert pointed out other ways older households can prepare for the financial turmoil ahead.
Mr Haqqi shared how tracing old savings accounts and investments could be beneficial in helping pensioners during the cost of living crisis.
“It can be easy to lose track of old bank accounts over the years but there are a number of services such as Experian, My Lost Account and Gov.uk that can help you track down any lost accounts,” he said.
The finance expert is encouraging people to keep on top of their finances and monthly outgoings to also help reduce their household bills.
He added: “Take a good look through your bank statements for the past few months to see where your money’s going.
“There might be some old subscriptions you can cancel for an easy cash boost next month.
“It will also let you work out what you have leftover once essential bills are accounted for, so how much money you have in your budget to spend each month.”
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