While the state pension is based on National Insurance contributions, there is another payment which could help those of state pension age.
Pension Credit is designed to provide Britons with extra money to help with living costs if they are over state pension age and on a low income.
The sum tops up a person’s weekly income to £177.10 if they are single, and to £270.30 if in a relationship – known as Guarantee Credit.
TV licence payments historically did not have to be met by older individuals as part of a key entitlement in later life.
However, following an important rule change in August 2020, this is no longer the case.
Now, the majority of over-75s are required to pay for their TV licence, which is worth £160 per year.
But for those who are yet to claim Pension Credit, there is other action which needs to be taken.
Perhaps the easiest endeavour to undertake is to visit the Government website and use its Pension Credit calculator.
This tool informs Britons whether they are eligible for Pension Credit, and how much they could receive.
Individuals will, however, need to have specific details to hand in this regard.
- Earnings, benefits and pensions
- Savings and investments
People can apply online, via phone, or by post, and can start an application up to four months before reaching state pension age.
This post originally appeared on Daily Express :: Finance Feed