One in three 'missing out on pension credit'

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One in three 'missing out on pension credit'

Fri 26th Jun 2009

Age Concern has warned that older generations are missing out on as much as £5.4 billion in benefits as they are failing to claim pension credits they are entitled to.

The charity has stated that these figures show how the means-tested system is significantly "bogged down" as one in three eligible candidates is not claiming the average of £31 a week in credits that they are owed.

Although the system is designed to offer greater help to pensioners, it is failing to do so at present, as the number of people claiming the credits has "remained stubbornly static" over the last 12 months, the organisation commented.

The government needs to work towards issuing automatic payments, it added, as "if the unclaimed £5.4 billion was put directly into the pockets of the people who need it, we would pull about half a million pensioners out of poverty at a stroke".

According to recent predictions from the Organisation for Economic Cooperation and Development, a current strain on both public and private pensions which is currently escalating could instigate an unprecedented crisis.

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