There are only days left for hundreds of thousands of retirees to receive a living allowance worth up to £650.
The money is being distributed to help millions of low-income people struggling with rising prices bills.
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people on pension credit are under those on benefits get the money, and they’ve already got £326 in their bank account.
You cannot claim the cost of living pay immediately, but you can still make a claim for pension credit that makes you eligible for the additional payment.
About 958,000 people on state pension and with low incomes, they miss out on pension credits, which supplement weekly retirement benefits.
A claim made before August 18 can be retroactively reversed for up to three months, meaning that if successful, you can get the cost of living in cash.
The backdating would take you back to the first qualifying period for the first half of the cost of living of £650.
You must have applied for a pension discount between April 26 and May 25 or be eligible later.
Not only can you get the cost of living of £326 in cash, the benefit itself can give you a cash boost of as much as £3,300 a year and access to other benefits such as a TV licence.
Anyone who misses the deadline still has to file a claim, because you get this boost, and the second half cost of living of £650 payment to be made this fall.
The extra money comes because millions of households have to make a huge leap energy bill this winter.
The price cap that sets a per-unit price cap on how much you can be charged is expected to be £3,628 in October at the typical dual-fuel rate.
That’s currently £1,971 but could be higher or lower depending on how much energy you use.
Retirees are also set up for a separate Cost of living of £300 this winter.
Who is eligible for Pension Credit and how much can I get?
Pension credit is there to give people above the state pension age a boost if they have a low income.
The basic rate increases your income to £182.60 per week for singles and £278.70 for couples – although you can get more depending on your personal circumstances.
For example, you can get more if you are a caregiver or disabled.
According to the latest government statistics from January, the average pay is £64 a week. Over the course of a year, that works out to £3,328.
Pension credit consists of two parts – Guarantee Credit and Savings Credit. You may be entitled to one or both parts.
Guarantee credit supplements your weekly income to a minimum amount, while Savings Credit is a small supplement for people with a small income or savings.
To be eligible, you or your partner must have reached state pension age if you live together currently set at 66.
You must also live in England, Scotland or Wales
Your household income is calculated with your application and if you do not meet the thresholds, you will receive an additional amount.
Your income includes:
- state pension
- other pensions
- income from employment and self-employment
- most social benefits, for example health care allowance
If you have € 10,000 or less in savings and investments, this will not affect your Pension Credit.
If you have more than £10,000, any £500 over £10,000 counts as £1 of weekly income.
It’s worth claiming retirement credit, even if you only get a penny, because the benefit gives access to other benefits for retirees.
That includes a free TV license for over 75s and the Warm Home Discount worth € 150 this winter.
How do I apply for a Pension Credit?
You must submit an application to receive Pension Credit on the government website.
You can also call the Pension Credit entitlement line on 0800 99 1234.
And you can apply by mailHowever, with the deadline in a few days, this may mean that you are not sure of a successful application.
You can start your application up to four months before reaching the state pension age.
The state pension age is currently 66 for both men and women.
You can also apply at any time after reaching the state pension age, but your application can only be submitted retroactively for three months.
This means you can get up to three months of the benefit on your first payment if you were eligible during that period.
When you’re applying, you’ll need the following information about you, and your partner if you have one, to hand:
- National insurance number
- information about your income, savings and investments
- information about your income, savings and investments on the date on which you wish to submit your application retroactively (usually 3 months ago or the date on which you reached state pension age)
You will also need your bank account details, where you will receive the payments.