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State pensioners have been encouraged to check if they are eligible for two schemes that could provide an extra £4,000 a year in payments.
Payment rates rose 4.1% last month in line with the triple lock, raising the full new state pension from £221.20 a week to £230.25 a week.
But an expert has warned the rise may not be enough to cover rising living costs. Rebecca Lamb, external relations manager at Money Wellness, said: “While the 4.1% increase in state pension payments is welcome, it’s unlikely to keep pace with the continued rise in living costs, especially for essentials like energy, food, and rent.
“For many pensioners, particularly those already struggling with debt or a tight budget, this uplift won’t go far enough on its own.”
She pointed pensioners to two ways they could boost their income. Ms Lamb said: “To make the most of the increase, it’s worth checking whether you’re eligible for extra support.
“Pension Credit can boost your income, and schemes like the Warm Home Discount can help cut your energy bills.”
The average Pension Credit claim is worth over £3,900 a year, while the Warm Home Discount takes £150 off your electricity bill so with these two benefits, you could effectively boost your income by £4,050.
Pension Credits top up the income of those of state pension age on a low income, up to £227.10 a week for single claimants and £346.60 a week for couples.
But you could get more than this as there are extra amounts depending on your situation, such as if you care for someone or if you have savings.
Claiming the benefit also opens up access to other Government help, including the Winter Fuel Payment, worth £200 or £300 last winter, and a free TV licence for claimants aged 75 and over.
Claimants may also be eligible for a council tax reduction, for housing benefit and for help towards NHS costs.
The Warm Home Discount is a one-off discount where your electricity supplier applies the discount to your bill, if they are signed up to the scheme.
Those on the Guarantee Credit part of Pension Credit – the weekly top-up element – will qualify as well some other people on a low income.
Ms Lamb also encouraged pensioners that this time of year is a good time to do a review of their budget. She said: “Start with the essentials and look for small ways to reduce spending.
“Even small savings can add up over time. And if you’re worried about debt or bills, don’t wait. There are free, confidential services that can help you regain control and feel more financially secure.”
