Published On: Thu, May 26th, 2022

Pension Credit provides vital boost to 1,000 new pensioners – are you eligible? | Personal Finance | Finance

More than 1,000 Ukrainian refugees over state pension age who are eligible for this financial support, are understood to be receiving it. The payment is designed to support low-income individuals with top-ups, as well as opening eligibility for other support.

This includes free TV licences for over 75s, help with council tax, and free NHS dental care. 

The Government has introduced emergency legislation to help people arriving from Ukraine.

It means these refugees will not be subject to the Habitual Residence Test.

If this help was not introduced, the Government says individuals would have to wait up to three months before being able to receive income-related benefits.

READ MORE: Pension millionaire: How much you need to save and when

People who have £10,000 or less in savings and investments will not have Pension Credit impacted.

However, the Government explains: “If you have more than £10,000, 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.”

Applications for Pension Credit can be started up to four months before a person reaches state pension age.

They will need to provide details about their income, savings and investments, as well as their National Insurance number.

Finally, Britons will also need to provide bank account details for a payment to be processed. 

More than 1.4 million pensioners across Great Britain are currently receiving Pension Credit.

The Government has stated take-up of the payment is at its highest level since 2010.

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