Money

DWP reveals up to 760,000 families missing out on pension credit worth £3,900 a year – see if you can claim

Published

4 hours ago

October 10, 2024

DWP reveals up to 760,000 families missing out on pension credit worth £3,900 a year - see if you can claim

HUNDRED of thousands of families are missing out on vital pension credit payments worth up to £3,900 annually, according to new figures from the Department for Work and Pensions.

The latest statistics reveal that up to 760,000 families entitled to pension credit did not claim it during the financial year ending in 2023.

DWP statistics have revealed up to 760,000 families are missing out on pension credit

This is a slight improvement from the previous year when around 870,000 families were eligible but didn’t take up the benefit.

Pension credit, a means-tested benefit designed to top up the income of the poorest pensioners, is becoming increasingly important as it is now linked to other crucial support.

In particular, those claiming pension credit are eligible for the winter fuel payment, which has become more restrictive following recent government changes.

The benefit goes to those who’ve reached State Pension age, which is currently 66, whose weekly income is less than £201.05 if you’re single, or £306.85 for couples.

Those who have a higher income may still be eligible if they have a higher income but have others costs like housing, a disability, or even savings.

Claiming Pension Credit can also unlock extra help, including, a free TV licence if you’re over 75, help with council tax and support with household costs such as ground rent.

A surge in pension credit applications was observed after Chancellor Rachel Reeves announced in July that the winter fuel payment would only be available to pensioners receiving pension credit or other means-tested benefits.

Moment Martin Lewis slams ‘you’re taking money from UK’s poorest pensioners’ in fiery clash with cabinet minister on GMB

This change, aimed at addressing a £22billion deficit in public finances, is expected to reduce the number of recipients of the £300 winter fuel allowance from 11.4million to just 1.5million.

Despite the recent uptick in claims, a staggering £1.5billion worth of pension credit went unclaimed last year.

This is a slight improvement from the £2billion left unclaimed in the previous year, but it highlights the ongoing issue of low benefit take-up among pensioners.

It comes as thousands of Sun readers flooded our Winter Fuel SOS helpline yesterday looking for help to hang on to the payment.

Figures from the DWP show that 65 per cent of those entitled to pension credit claimed it in 2023, up from 63 per cent in 2022.

While the rise is encouraging, campaigners argue that far more needs to be done to ensure older people receive the financial help they’re entitled to.

Pension Credit explained

Pension Credit is a benefit which gives you extra money to help with your living costs if you’re on a low income in retirement.

It can also help with housing costs such as ground rent or service charges.

You may be able to get extra help of you’re a carer, have a disability, or are responsible for a child.

It also opens up access to lots of other benefits such as the warm home discount scheme, support for mortgage interest, council tax discounts, free TV licences once you’re over 75, and help with NHS costs.

To qualify, you need to be over state pension age and live in England, Scotland or Wales.

If you have a partner, you need to include them on your claim.

Pension Credit tops up:

your weekly income to £218.15 if you’re single
your joint weekly income to £332.95 if you have a partner

However, even if your income is higher, you might still qualify if you have a disability or caring responsibilities.

There is also another element to Pension Credit called savings credit. To get this, you need to have saved some money towards your retirement.

You can get an extra £17.01 a week for a single person or £19.04 a week for a married couple.

If you have more than £10,000 in savings, the government uses a calculation to work out how much it adds to your income.

Every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Boosting take-up of pension credit has been a major problem that has proven tricky to crack, with previous campaigns being derailed by the pandemic.

However, there are signs that progress is being made, with take-up creeping up to 65 per cent from 63 per cent the previous year.”

Morrissey added that the recent focus on linking pension credit to the winter fuel payment may drive further increases in applications.

She said: “The restriction of the winter fuel allowance to people on benefits such as pension credit has garnered many headlines, with people urged to check if they can put in a claim.”

However, she warned that the scale of the problem remains significant.

She continued: “More than 750,000 families who could receive pension credit are still not claiming it.”

“Pension credit is a hugely valuable benefit that not only tops up income but also acts as a gateway to other support such as a free TV licence for the over-75s as well as help with council tax.”

With energy bills set to rise again this winter, the winter fuel payment will be critical in helping pensioners manage their household costs.

Campaigners have urged those who think they might be eligible to apply for pension credit as soon as possible.

How to apply for pension credit

YOU can start your application up to four months before you reach state pension age.

Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234.

You can get a friend or family member to ring for you, but you’ll need to be with them when they do.

You’ll need the following information about you and your partner if you have one:

National Insurance number
Information about any income, savings and investments you have
Information about your income, savings and investments on the date you want to backdate your application to (usually three months ago or the date you reached state pension age)

You can also check your eligibility online by visiting www.gov.uk/pension-credit first.

If you claim after you reach pension age, you can backdate your claim for up to three months.

Joanna Elson, chief executive of Independent Age, described the figures as “disappointing” and warned of the real-life consequences for those missing out on financial help.

Joanna said: “Behind these statistics are real people who are worrying about whether they will be able to afford next month’s bills.”

She added that the winter fuel payment should be protected from means-testing to ensure the most vulnerable pensioners don’t miss out on essential support.

Joanna continued: “To ensure this group don’t also miss out on the winter fuel payment, we continue to call on the UK Government to pause their plan to means test the winter fuel payment.”

Campaigners argue that the current approach to encouraging pension credit claims isn’t enough and are calling for a more innovative, long-term strategy to reach those most in need.

With winter approaching, the pressure is mounting to ensure that pensioners don’t face financial hardship as energy prices soar.

For many, claiming pension credit could provide a much-needed lifeline during the cold months ahead.

Meanwhile, money saving expert, Martin Lewis was seen clashing with government minister Lisa Nandy over the Winter Fuel Payment decision that will affect millions of pensioners.

The Sun’s Winter Fuel S.O.S Campaign

WORRIED about energy bills? The Sun’s Winter Fuel SOS crew are taking calls on Wednesday.

We want to help thousands of pensioners worried about energy bills this winter, with tips and advice on how to make cash go further.

Our Winter Fuel SOS crew will be able to help answer your questions on whether you can get Pension Credit and the Winter Fuel Payment.

Ten million OAPs are set to lose the £300 Winter Fuel Payment due to government cutbacks.

It comes in the same month that millions of households are hit by a ten per cent rise in bills as the Energy Price Cap shoots up.

We can help with advice on how else to save money.
Our phone line is open 7am to 7pm Wednesday October 9 – you can call us on 0800 028 1978.

Or you can email now: WinterfuelSOS@the-sun.co.uk

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Money

I tested supermarkets own-brand Digestives – winner was more than £1 cheaper than McVitie’s & I couldn’t tell difference

Published

12 mins ago

October 10, 2024

NewsAdmin

IF you feel like you are getting a crumby deal on big-name biscuits, you’d be right.

A packet of McVitie’s Digestives has shrunk by as much as 28 per cent since 2014, despite prices rising by 129 per cent over the past decade.

Laura Stott tested supermarkets own-brand Digestives against McVitie’sCredit: Damien McFadden

So could the supermarket versions offer better value?

It’s crunch time as Laura Stott tries the own-brand digestives.

Aldi Belmont Digestives – 29 biscuits, 400g, 57p

Aldi's digestives are a great dupe and over a pound cheaper than McVitie's — Aldi’s digestives are a great dupe and over a pound cheaper than McVitie’sCredit: Damien McFadden

IN true Aldi dupe style, the packet looks very like the McVitie’s one, which costs over a quid more.

But put these in a biscuit tin and it’s doubtful anyone will notice the difference.

And you get the most biccies per packet too.

Rating: 5/5

Tesco Digestives – 28 biscuits, 400g, 70p

Tesco's version will fall apart before you can dunk them in your cuppa — Tesco’s version will fall apart before you can dunk them in your cuppaCredit: Damien McFadden

THESE looked the part, but tasted disappointing and the texture is too dry.

The packet claims the biccies are crumbly and crunchy.

Instead they tasted dusty, with a few falling apart before I had a chance to dunk them in my cuppa.

Rating: 1/5

M&S Digestives – 25 biscuits, 400g, 80p

The M&S version are still good value compared with McVitie’sCredit: Damien McFadden

WHILE pricier than other super- market versions, these deluxe digestives from M&S are still good value compared with McVitie’s.

Sweeter than some on test but in a rich, mellow and smooth way.

Extremely tasty.

Rating: 4/5

Lidl Tower Gate Digestives – 26 biscuits, 400g, 57p

Lidl's version is cheap without compromising on flavour — Lidl’s version is cheap without compromising on flavourCredit: Damien McFadden

A GREAT value option from Lidl without compromising on flavour – they taste rich and sweet.

They also held up well during a cup-dunk.

But a shame there were fewer in the pack than many other own-brand offerings.

Rating: 4/5

Sainsbury’s Digestives – 28 biscuits, 400g, 70p

Sainsbury's version had a milky and nice malty aftertaste — Sainsbury’s version had a milky and nice malty aftertasteCredit: Damien McFadden

WITH a darker colour, these had a more wholesome flavour and were thick, offering a good crunch.

The biccies also had a milky and nice malty aftertaste and paired well with a cuppa.

A quality product at a great price.

Rating: 3/5

Asda Digestives – 27 biscuits, 400g, 70p

Asda's offering tastes great and they smell good too — Asda’s offering tastes great and they smell good tooCredit: Damien McFadden

A GREAT-value offering with plenty to go round.

Sweeter than others on test, with an orangey hue and not very chunky, but the taste still hit the spot.

These also had a lovely aroma too, which made it hard to stop at just one.

Rating: 3/5

Morrisons Digestives – 27 biscuits, 400g, 70p

Morrison's digestives are thicker than some of the others, adding a pleasant texture — Morrison’s digestives are thicker than some of the others, adding a pleasant textureCredit: Damien McFadden

A GOOD ratio of crumble to crunch that stood up well in the cuppa dunk.

The flavour was pleasant too – not overtly sweet and with plenty in the packet.

These were thicker than some of the others, adding a pleasant texture.

Rating: 3/5

McVitie’s Digestives – 24 biscuits, 360g, £1.80, Tesco

McVitie's digestives cost over £2 and have less biscuits in the packet — McVitie’s digestives cost over £2 and have less biscuits in the packetCredit: Damien McFadden

AT well over a £1 more per packet than most supermarket versions, there are also fewer biccies, with only 24 inside.

They are enjoyable – but paying nearly two quid for them left a rather bad taste.

Rating: 2/5

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Money

‘Keep an eye out’ warns shopper after bagging garden chair scanning for £22 instead of £215

Published

33 mins ago

October 10, 2024

NewsAdmin

'Keep an eye out' warns shopper after bagging garden chair scanning for £22 instead of £215

A SHOPPER has warned people to “keep an eye out” after they bagged a garden chair that was reduced by 90%.

Lucky saver Christina shared her bargain in a post on Facebook after finally receiving delivery of the rocking seat.

Christina shared the deal in a post on FacebookCredit: Facebook

The chair had been reduced from £214.99 to just £21.99Credit: Facebook

The Maya Mango Rocking Chair she purchased had been reduced by a whopping 90%.

Instead of its regular retailing price of £214.99, Christina managed to nab it for just £21.99.

It had been listed on retail site Studio, which is owned by the Frasers Group alongside Sports Direct and House of Fraser.

Christina’s post on Facebook group Extreme Couponing and Bargains UK read: “Studio bargain.

Wealthy millennials, Gen Z are redefining philanthropy

Published

54 mins ago

October 10, 2024

NewsAdmin

Wealthy millennials, Gen Z are redefining philanthropy

Solstock | E+ | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Wealthy millennials and Gen Zers are redefining the world of charitable giving, seeing themselves more as activists than donors, according to a new study.

Wealthy donors under the age of 43 are more likely to volunteer, fundraise and act as mentors for charitable causes rather than just give money, according to a new survey from Bank of America Private Bank. The survey of more than 1,000 respondents with more than $3 million in investible assets also found that young philanthropists want more public attention for their giving compared to Gen Xers and baby boomers.

The shift in the way the next generations give, as well as the causes they favor, is likely to remake the charitable landscape. Rather than simply writing checks to causes they care about, the next generation of givers wants to be deeply involved in trying to fix the biggest social and environmental problems.

“They view themselves as holistic social change agents,” said Dianne Chipps Bailey, managing director and national philanthropic strategy executive for philanthropic solutions at Bank of America Private Bank. “I think they have a better sense of agency in this world. They’re really looking to move their capital in a much more comprehensive robust way to achieve their social impact goals.”

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Both younger and older multi-millionaires are highly charitable. According to the study, 91% of the respondents had given to charity in the past year. More than two-thirds of both older and younger respondents said they are motivated by “making a lasting impact.”

Yet their reasons for giving and their methods vary widely by age. Donors under the age of 43 are slightly more likely to volunteer and are twice as likely to help raise charitable donations from friends or peers rather than just giving directly. They’re more than four times as likely to act as mentors. And they’re more interested in serving on nonprofit boards rather than limiting their contributions to capital.

Older donors give from of a sense of responsibility. Those over the age of 44 were more than twice as likely to give due to “obligation” than younger donors. Those under 43 were more likely to cite self-education and the influence of their social circle as drivers of their philanthropy.

Some of the differences between generations may be rooted in life cycles and wealth. The younger wealthy are still building their fortunes and inheriting their wealth, so they’re more likely to give their time and help fundraise. Still, Bailey said the focus on peer networks and activism will likely endure even as they get older and wealthier.

“You can think of philanthropy as the five T’s – time, talent, treasure, testimony and ties,” she said. “The older generation is focused on the treasure (giving funds). The younger generations are leaning into the other four.”

The young wealthy also support different causes. They’re twice as likely to support efforts related to homelessness, social justice, climate change and the advancement of women and girls. Philanthropists over 44 were far more likely to support religious organizations, the arts and military charities.

“When you think about what [the younger generation] has been through in recent years, 2020, where they saw it all exposed, they’re leaning into the response,” Bailey said. “And it’s sustained. So many people move their giving with the headlines, but they’ve really dug in deeply. It’s not a moment but a movement.”

The implications of the generational shift in giving will be profound for wealth advisors and nonprofits, advisors say. Since many younger donors inherited their wealth, they’re far more likely to use giving vehicles created by their family. They were more than four times more likely to use charitable trusts, family foundations and donor advised funds.

Bailey said the next generation wants to talk about philanthropy as part of an initial discussion with a wealth advisor — even before talking about their investment plan.

“They have a hunger to know more, to learn more about philanthropy,” Bailey said. “They’ve already got these complex [giving] vehicles at the ready, so the education piece is critical both for nonprofits and for the advisors.”

With charity increasingly dominated by wealthy donors, and with the next generations expected to inherited over $80 trillion in the coming decades, courting the young rich will be critical.

“You need their perspective and you’re going to need their money,” Bailey said.

Advisors to the young rich also need to be generous with their praise. Younger donors are more than three times more likely to gauge the success of their philanthropic efforts by public recognition, according to the survey. Nearly half say they are likely to associate their names with their philanthropic efforts, while more than two-thirds of older donors give anonymously.

“Praise them, celebrate them, give them visibility,” she said.

Just don’t call them “philanthropists.” A report from Foundation Source found that 80% of young donors want to be seen as “givers,” while 63% also like the terms “advocate” or “changemaker.” Only 27% accepted the label of “philanthropist.”

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Money

The Sun launches interactive tool to check benefits – see if you get winter fuel payments or pension credit this winter

Published

1 hour ago

October 10, 2024

NewsAdmin

The Sun launches interactive tool to check benefits - see if you get winter fuel payments or pension credit this winter

TODAY, The Sun launches a free tool to help you check whether you will get the Winter Fuel Payment this year.

The free benefits checker is in partnership with poverty charity Turn2Us. It quickly tells you if you’re missing out on any cash.
If you are unable to access the internet you could ask a friend or relative to help you do the check.

We were flooded with calls and emails earlier this week, with many readers asking whether they were entitled to pension credit or other benefits.

In her July statement, Chancellor Rachel Reeves announced that this winter only households in England and Wales that receive Pension Credit or certain means tested benefits will be entitled to the Winter Fuel payment.

Previously it was available to everyone aged over 66.

New government figures estimate that 770,000 pensioners are at risk of missing out this winter.

The benefit, which is worth up to £300, unlocks a host of other awards including a free TV licence and cheaper water bills worth up to £3,900.

Michael Clarke, from Turn2us: “It’s crucial that people are supported by friends and family to check they are getting all the support available to them.

“In just 10 minutes, the Turn2us Benefits Calculator will tell people if they are eligible.”

You will need some personal information to hand about your current income, including state and private pensions, and any benefits you currently receive.

If you are eligible to apply for Pension Credit you can call the DWP helpline on: 0800 99 1234

When you claim you will need your national insurance number and details of any savings and investments, plus information on housing costs such as mortgage interest, service charges or ground rent.

You must lodge a claim by December 21 to get the Winter Fuel Payment this year.

FIX YOUR ENERGY BILLS?

If you’re not on a fixed tariff then it may be worth considering one. Many of the top fixed tariffs are now cheaper than the price cap and could save you money. You can compare tariffs using uSwitch.com or Moneysavingexpert.com.

WARM HOME DISCOUNT

The Warm Home Discount is £150 one-off payment towards electricity bills. You will usually get it automatically – but you need to apply if you’re on a low income in Scotland.
You should check with your energy supplier if you’re on a low income and think you are eligible.

HOUSEHOLD SUPPORT FUND

You can apply to your local council for help if you’re on a low income. Search the name of your local council and ‘household support fund’ to find out details on how you can apply. Eligibility criteria and the amount you will get varies based on where you live – but some households have got up to £500.

ENERGY GRANTS

Many of the UK’s biggest energy suppliers have grants in place to help struggling customers. For example, British Gas offers grants of up to £2,000. .
Ask your supplier if there is anything they can offer
FREE INSULATION OR BOILERS

You may be able to get free or cheap insulation to help reduce your home’s energy bills. Check here: https://www.gov.uk/apply-great-british-insulation-scheme

GET FREE DEBT HELP

THERE are several groups which can help you with your problem debts for free.

Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
StepChange – 0800138 1111
National Debtline – 0808 808 4000
Debt Advice Foundation – 0800 043 4050

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Money

Martin Lewis issues warning to anyone aged under 22 – do you have £2,000 in a forgotten account?

Published

2 hours ago

October 10, 2024

NewsAdmin

Martin Lewis issues warning to anyone aged under 22 - do you have £2,000 in a forgotten account?

MARTIN Lewis has issued a warning to anyone under 22 who could have £2,000 sitting in a forgotten account.

Child Trust Funds are long-term, tax-free savings accounts which were set up for every child born between September 2002 and January 2 2011.

The Money Saving Expert said on X that those aged 22 and under could have the Child Trust Fund set up and access it for free.

But he also warned that some firms are attempting to charge individuals to “get your own money” – but Lewis says “don’t pay.”

The Government deposited £250 for every child during that time period, or £500 if they came from a low income family earning around £16,000 a year or below.

An extra £250 or £500, depending on their families’ economic status, was deposited when the child turned seven.

How to track down a Child Trust Fund

If you were born in the UK between 2002 and 2006 it is worth checking to see if you have cash in a Child Trust Fund.

Parents were either given a voucher to set one up or HMRC set one up on a child’s behalf.

There are a number of third party groups offering to search for Child Trust Funds but it worth noting that they will charge a fee so you might loose a chunk of your money.

The Government has a free tool you can use online to help track down your fund.

You can find this by searching for “find a Child Trust Fund” on GOV.UK.

LOST CASH

By Charlene Young, pensions and savings expert at AJ Bell

MANY parents and children aren’t aware they even have the account, or don’t know who the money is with or how to track it down.

More than a quarter of CTF accounts were set up by the government because parents failed to do so within the 12-month window.

This highlights why so many are unclaimed – as the parents either weren’t aware or won’t remember that an account was even set up for their child, let alone where the money is now.

Any child born between 1 September 2002 and 2 January 2011 who hasn’t already got details of their account should track it down.

Once you’ve tracked down the money you can choose what to do with it. Your options are to transfer it to an adult ISA or withdraw the money. Until then your money will just sit in an account that no one else has access to, possibly paying very high charges.

Anything you transfer to an adult ISA at maturity will not count towards your annual ISA allowance, which is £20,000 for over 18s.

For many young people who have CTFs but are still under 18, it will make sense to transfer it to a Junior ISA, where the charges will likely be lower, and you’ll have a much bigger investment choice.

The money will still be locked up until you turn 18, but the tax-free benefits of ISA investing still apply. You can transfer the entire CTF into a Junior ISA and still add up to £9,000 to it in the same tax year.

You’ll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number.

Your NI number remains the same for your entire life. It’s made up of two letters, six numbers and a final letter.

You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store.

When you’re done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund.

What to do once you have claimed the money

Usually, people put the cash straight into a bank account, invest it, or transfer it into an ISA.

You can also ask your Child Trust Fund Provider to give you the money and get it cashed into your bank account.

This way you’ll need to share the bank account details you wish to transfer the cash into with HMRC.

But if you’d rather invest it, you can transfer it into an ISA.

The Sun recently broke down whether or not an ISA is right for you, which you can read here.

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CryptoCurrency

CPI data to drive 'favorable impact' on Bitcoin prices — 21Shares

Published

2 hours ago

October 10, 2024

NewsAdmin

CPI data to drive 'favorable impact' on Bitcoin prices — 21Shares

Consumer prices in the US rose by 2.4% in September, above market expectations but still in a negative trend compared to the past few years.

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DWP reveals up to 760,000 families missing out on pension credit worth £3,900 a year – see if you can claim

Pension Credit explained

How to apply for pension credit

The Sun’s Winter Fuel S.O.S Campaign

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I tested supermarkets own-brand Digestives – winner was more than £1 cheaper than McVitie’s & I couldn’t tell difference

Aldi Belmont Digestives – 29 biscuits, 400g, 57p

Tesco Digestives – 28 biscuits, 400g, 70p

M&S Digestives – 25 biscuits, 400g, 80p

Lidl Tower Gate Digestives – 26 biscuits, 400g, 57p

Sainsbury’s Digestives – 28 biscuits, 400g, 70p

Asda Digestives – 27 biscuits, 400g, 70p

Morrisons Digestives – 27 biscuits, 400g, 70p

McVitie’s Digestives – 24 biscuits, 360g, £1.80, Tesco

Money

‘Keep an eye out’ warns shopper after bagging garden chair scanning for £22 instead of £215

Read More on Deals and Sales

How to bag a bargain

Money

Wealthy millennials, Gen Z are redefining philanthropy

Get Inside Wealth directly to your inbox

Money

The Sun launches interactive tool to check benefits – see if you get winter fuel payments or pension credit this winter

FIX YOUR ENERGY BILLS?

WARM HOME DISCOUNT

HOUSEHOLD SUPPORT FUND

ENERGY GRANTS

GET FREE DEBT HELP

Money

Martin Lewis issues warning to anyone aged under 22 – do you have £2,000 in a forgotten account?

read more on martin lewis

How to track down a Child Trust Fund

LOST CASH

What to do once you have claimed the money

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CPI data to drive 'favorable impact' on Bitcoin prices — 21Shares

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