Martin Lewis has been providing insightful tips for millions across the UK for years now. Mr Lewis has covered everything from insurance and bank accounts to taxes in his research. However, it was possible to feel the Money Saving Expert founder’s real passion for what he covered in this week’s instalment of The Martin Lewis Money Show.
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Pension Credit are an often forgotten benefit that millions could be missing out on.
It was almost possible to feel Mr Lewis’s frustration as he detailed: “From the first of June 2020, over 75s will no longer get free TV licences unless they get the Pension Credit.
“Now the Pension Credit is a means-tested benefit. But the thing I found frustrating about this decision, is for years I have been going on about the fact that the Pension Credit is one of the worst claimed benefits out there.
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Martin Lewis detailed that the Pension Credit system could unlock further benefits (Image: ITV • GETTY)
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“There are 1.3 million homes in the UK who are eligible for pension credits but don’t get Pension Credit.”
As Mr Lewis detailed, Pension Credit is broken down into two parts: “There are two elements to the Pension Credit. The first one is the Guarantee Credit.
“If you are a single person over the state pension age and you have less than a £165 a week coming in.
“Or you’re a couple and you have less than £255 pounds a week coming in, the state will top up your income to that level.
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“Thats the first one, the simple one the guarantee you should get, it’s basically a minimum income guarantee income for pensioners.”
As he moved onto the second part, Mr Lewis detailed that it is a bit more complicated. However, he explained: “The second element is called the Savings Credit. In sort of rough terms, if you’ve got some savings they give you credit for that because otherwise there would have been no point in you saving.”
According to the government, Savings Credit is only available for people who reached state pension age before April 6, 2016, but for those that qualify it can be a rewarding benefit. Single claimants can receive up to £13.73 per week and couples can receive up to £15.35.
Extra income will be welcome in poorer parts of the country (Image: EXPRESS)
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Mr Lewis was asked for details on who could qualify for this benefit but he simply said: “No.”
The reason being that it can be a complicated process defining who exactly gets Pension Credit, he detailed that the best thing to do is is to call the Pension Credit helpline and ask them.
When asked for details on the total amount that could be generated he said that it could be around £1,000 a year.
However, as he detailed one of the real reasons to get excited for this benefit is the further “unlocks” claimants can qualify for.
One of the further benefits pension credits bring is a free dental treatment (Image: GETTY)
As Mr Lewis detailed, those who received Pension Credit can also potentially receive a free TV license for over 75s (from June 2020), council tax reductions, warm home discounts, cold weather payments, housing benefits, water discounts, home insulation and boiler cover grants, discounted glasses/contacts and/or free NHS dental treatment.
When adding all of these benefits together there could be further savings of thousands per year.
The government details that there is not to pay on Pension Credit, further adding to its usefulness. On top of this, they also provide a Pension Credit calculator to help work out what a claimant might receive.
The Martin Lewis Money Show continues on Monday on ITV at 8pm.