Pensioner homeowners are missing out on a staggering £1,807 each by failing to take advantage of the benefits due to them in what is being labelled a scandal by experts.
According to Just Group’s recent revelations, state pensioners are overlooking an average of £1,807 in payments, benefits, and perks this year as the cost-of-living crisis intensifies.
Just Group highlights that nearly one in 10 pensioners who do lodge claims end up receiving less than their fair share, losing out on an additional annual sum of £2,915.
Group communications director at Just Group, Stephen Lowe, remarked on the severity of the issue: “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.”
Lowe continued, outlining the consequences of missed claims: “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.”
He also underscored concerns around Pension Credit: “Figures for Pension Credit – the main means-tested benefit for older people – are particularly worrying because it is a gateway to other benefits such as Winter Fuel Payment.
“Only about one in 10 pensioners are eligible but we found 90 per cent of them were missing out.”
A spokesperson revealed the intricacies of a recent survey, noting its reliance on expert advice from HUB Financial Solutions, their sister company. He explained: “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.”, reports Birmingham Live.
He further commented on the discrepancy between homeowner take-up figures and government rates, suggesting a misconception about eligibility for State support among homeowners: “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.”
Additionally, he highlighted the importance of awareness and action regarding Pension Credit: “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.”
