State pensioners could get five key income top-ups amid triple lock suspension

Financial expert explains changes to the state pension

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The state pension triple lock is a guarantee that the sum will rise each year by the highest of 2.5 percent, inflation or average earnings. However, average earnings data has been warped this year due to people returning to work post-pandemic.

The Government stated a potential 8.6 percent rise would be unfeasible, and took the measure to temporarily suspend the triple lock for one year.

With soaring inflation and the cost of living set to rise, many pensioners are worried about their finances.

But there could be a number of support measures older individuals can claim to provide them with an extra boost.

Pension Credit

The first form of support may be available through Pension Credit – designed to help older people on a low income.

Pension Credit tops up weekly income to £177.10 for singletons, and joint income to £270.30 for those with a partner.

Those who have savings or a second pension could benefit from another component of Pension Credit – Savings Credit.

It provides up to £14.04 per week to single people, and £15.71 for people who have a partner.

However, for Savings Credit, a person must have reached state pension age before April 6, 2016, and have put some money away for retirement. 

A claim for Pension Credit can also entitle older people over the age of 75 to a free TV Licence.

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Cold Weather Payments

Those entitled to Pension Credit automatically get a Cold Weather Payment, but others could be eligible also, and it is worth checking.

A Cold Weather Payment provides £25 for each seven day period of cold weather between November and March.

Individuals do not usually need to apply for this form of support.

Winter Fuel Payment

This is another payment designed to help people during the colder months, and could prove useful.

It is available to those born on or before September 26, 1955, and is worth between £100 and £300.

A Winter Fuel Payment can help pensioners with the cost of their heating bills, set to skyrocket.

Most payments are issued automatically in November or December, however, the deadline to make a claim is March 31, 2022.

Warm Home Discount

The fourth form of support a person could potentially secure is a Warm Home Discount – taking £140 off electricity bills for winter.

The money is not paid to individuals, and instead serves as a discount between October and March.

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To be eligible, a person must be in receipt of the Guarantee Credit element of Pension Credit, or be on a low income.

The scheme is also being expanded to make sure nearly three million households will benefit from a £150 discount.

Council tax rebate

Pensioners may benefit from the council tax rebate worth £150 being issued to households in council tax bands A-D across England.

The rebate does not have to be repaid, and can help people with the rising cost of energy.

Households have been urged to set up direct debits with their local council to ensure they automatically get the money off their bill.

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