Money saving

FOOTBALL legend Harry Redknapp has teamed up with the Department for Work and Pensions in a major push to help pensioners secure a cash boost. The goal is to encourage low-income seniors to apply for Pension Credit before the December 10 deadline for a chance to net an extra £300, adding to the average yearly support of £3,900. 
Harry Redknapp teams up with DWP to urge pensioners to apply for Pension Credit ahead of deadline day on December 10Credit: DWP
Speaking from his car window, Redknapp described Pension Credit as a “brilliant signing” and called on pensioners and their loved ones to check out the online calculator to see what they could get. 
The former Tottenham and West Ham boss became famous for hanging out of his car window to give interviews during his managerial career, particularly on transfer deadline day.
He said: “It’s always an exciting time of the season – I would just say to anyone, check in with your mum, dad, nan, or grandad.  This could be a brilliant signing.”

Pensions minister Paul Maynard said: “We want every pensioner to receive all they help they can and with time ticking down to deadline day and the window drawing to a close, now’s the perfect time to check out our Pension Credit calculator and make sure you or your loved ones aren’t missing out on this vital support. In many cases, it’s an open goal to more money in your pocket.”
Currently, 1.4 million pensioners are reaping the benefits of Pension Credit, but there are sill significant numbers on the sidelines, unaware of what they are missing.
The DWP estimates there are 850,000 more pensioners eligible for the benefit who aren’t claiming it.
Applying by December 10, 2023 could secure them the extra cost-of-living payment, with the possibility of backdating for up to three months, provided they were eligible during that time.
As well as this cash boost, pensioners are set to receive an 8.5 percent increase to their state pension after the Chancellor  confirmed the Government would “honour its commitment” to the triple lock.
Who is eligible for pension credit?
Anyone over the state pension age living in England, Scotland or Wales is eligible for pension credit.
The state pension age is currently 66 for both men and women.
To qualify, you’ll need to have a weekly income of less than £201.05 for single people or £306.85 for couples.
Your income is worked out taking into account various elements including:

Your state pension
Any other pensions you have saved, for instance, workplace or private pension savings
Most social security benefits, for example, carer’s allowance
Any savings or investments worth over £10,000
Earnings from a job

The calculation does not include:

Attendance allowance
Christmas bonus
Disability living allowance
Personal independence payment
Housing benefit
Council tax reduction

If your income is too high to get pension credit, you may still get some savings pension credit, so it’s worth checking.
It used to be the case that couples, where one person was over state pension age, could claim, but new rules now mean that both people in a couple must be over retirement age to apply.
This means if you’re single and move in with a partner who is younger than the state pension age, you will stop being eligible.
But if you’re already receiving pension credit under the old system it won’t stop unless your circumstances change.
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How much can you get in pension credit?
There are two parts to the pension credit and pensioners can be eligible for one or both.

Guarantee credit – tops up your weekly income to a guaranteed minimum level. This is £201.05 a week if you’re single and £306.85 a week for married couples.
Savings credit – provides extra money if you’ve saved money towards retirement. You can get an extra £15.94 a week for a single person or £17.84 a week for a married couple.

You may also get additional pension credit if you are disabled, have caring responsibilities or have to pay certain housing costs such as mortgage interest payments.
How do I apply
You can apply for pension credit four months before you reach state pension age.
Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234.
You will need:

National Insurance number
Information about any income, savings and investments you have
Information about your income, savings and investments on the date you want to backdate your application to (usually 3 months ago or the date you reached state pension age)

Your partner will also need to provide their information if you have one.
How will I be paid?
Your benefits will usually be paid into a bank account around every four weeks.
You will be asked to provide your bank account details when you claim though concessions are sometimes made for people who don’t have access to a bank account.
Meanwhile, savers with old pensions could save thousands of pounds in retirement by combining all their pots, new data shows.
Plus, how losing your job can actually get you an extra £29,300 in your retirement fund.
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