Retired couples will receive an extra £66 from July.
Many pensioners receiving Pension Credit are set to see their payments rise from July after the Department for Work and Pensions (DWP) increased the benefit by 4.8 per cent.Under the updated rates, eligible couples will receive up to £363.25 a week through Guarantee Credit, up from £346.60.
The increase of £16.65 per week amounts to approximately £66.60 per month in additional support.
Single pensioners will also benefit, with the credit guarantee limit rising to £238 per week, according to GB News.The increase is part of the government’s annual assessment of benefits and is designed to help low-income pensioners cope with rising costs of living. Payments reflecting the new rates are expected to begin from July.
Eligibility and application requirements
The credit guarantee is the main component of Pension Credit and ensures that retirees receive a minimum weekly income. It is available to those who have reached state pension age and whose income falls below specified thresholds.However, the pension balance is not paid automatically. Eligible individuals must apply for it. It is believed that many eligible retirees are missing out because they have not filed a claim.
In most cases, couples can only apply if both partners have reached the state pension age. There are some exceptions, including those who reached state pension age before 15 May 2019 and have been receiving housing benefit continuously since that date. Individuals may also be able to claim separately if their partner is ineligible due to immigration status.
Income, saving and valuation rules
When applying, claimants must provide details of their income, including state pension payments, private pensions, earnings from work, and other benefits such as Jobseekers Allowance or Employment and Support Allowance.
Couples must include financial information for both partners.Savings and investments are also taken into account. The first £10,000 of savings is ignored, but any amount above this is treated as generating additional income. For every £500, or part of £500, above £10,000, claimants are supposed to receive an additional income of £1 per week.
Additional support
Additional support may be available depending on individual circumstances. Severely disabled pensioners can receive an additional £86.05 per week if they are eligible for benefits such as Attendance Allowance, the intermediate or higher care element of Disability Living Allowance, or the daily living element of Personal Independence Payment.Additional payments may also be available to caregivers. Those in receipt of Carer’s Allowance or Job Support Payment, or those who applied but were not paid due to overlapping benefits, may qualify for an additional £48.15 per week.
