Retirees not collecting their full due

Posted in General on Wednesday, June 6th, 2012 at 09:14 by Martyn Shaw.

Excellent financial planning includes far more than merely setting up a debt management system that guarantees that mortgages and other bills will be paid in full and on time.  It also involves arranging for adequate revenue – including one-time payments as well as on-going forms of income – so that there is plenty of money coming in to meet those debts, along with some left over to provide for discretionary spending.  Unfortunately, it seems that many Britons currently receiving pensions are indeed not collecting their full entitlement of state benefits.

More than two million pensioners could receive additional monies from a variety of sources that include council tax credits, winter fuel assistance, free travel vouchers, and even pension credits themselves.  These retirees usually fail to collect all the funds to which they are entitled even though they are aware of programmes such as the Pension Credit.  The true problem lies with a lack of understanding about eligibility requirements for this and other programmes.  Many seniors assume that they will not qualify when, in fact, they meet all requirements and could be receiving additional funds.

In all, the problem of unclaimed potential benefits affects as many as one-fifth of all British retirees, with the average pensioner missing out on more than £850 per year, according to a study conducted by the pension company known as Just Retirement.  The study’s conclusions are confirmed by government figures as well; the Department for Work and Pensions has determined that at least 30% of those eligible for the Pension Credit are not receiving it.

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