Martin Lewis has urged all pensioners to check if they are eligible for Pension Credit as they may be missing out on vital payments amid a raft of DWP changes coming up
Martin Lewis has issued a stark warning to state pensioners, warning they’ll find themselves £500 down from next month due to two changes.
Speaking on ITV’s Good Morning Britain with Ed Balls, the BBC Sounds podcast host and Money Saving Expert founder explained the financial pinch that pensioners will feel due to the scrapping of both the £300 Winter Fuel Payment and the Cost of Living Payment.
Mr Lewis highlighted the importance of claiming Pension Credit, saying: “It’s become more crucial than ever to claim Pension Credit because that Winter Fuel Payment that up to £300 payment that did to go every pensioner is now dependent on Pension Credit.”
He also pointed out the loss of the Cost of Living payment, adding: “It’s worth noting that for the last two winters there was also a Cost of Living payment to every pensioner that was also worth £300, so every pensioner regardless of what they claim has lost £300 in the Cost of Living payment and then most pensioners also won’t get the next £300 for the Winter Fuel Payment because it’s now not universal.”
Discussing energy bills, Mr Lewis said: “Energy bills are lower than last year, but for a six month period they’ll only be about £100 lower, so as you can see, being £600 worse off when you’re only getting a £100 gain means there’s a lot less money in the coffers when you’re looking at energy than there was last year.”
The finance expert continued to stress the significance of Pension Credit, lamenting its low uptake: “So, Pension Credit, now I’ve been shouting about this here and everywhere and on my site for many years and it is chronically underclaimed.”
He delved into the issue further during his chat with Mr Balls and co-presenter Kate Garraway, reports Birmingham Live. The consumer champion added: “So the most important thing I can say to everybody watching who may be eligible is those over 66 but also right across society, is many of our most vulnerable people are not claiming this crucial payment and we collectively have a responsibility to try and let them know about it.”