Featured Image Credit: ITV
Topics: Martin Lewis, Money, UK News
Callum Jones
Money Saving Expert's Martin Lewis has issued an urgent warning to thousands of Brits that are missing out on pension credit.
There is no questioning Lewis has provided all the financial advice to millions over the years, particularly over the last few months as the cost of living crisis continues to take its toll.
In recent weeks, he has provided important information for Brits heading abroad this summer and now he has turned attention to pension credit.
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The Money Saving Expert has revealed that many pensioners who are on low incomes could be entitled to have their payments topped up without even realising.
Speaking on the new series of ITV's Martin Lewis Money Show, Lewis said you should be eligible for pension credit based on how much you earn.
If you are single, you are entitled to the credit if your weekly income is lower than £201.95, which rises to £306.85 if you have a partner.
This could potentially see you moved up to a 'full' state pension of £203.85 a week.
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While many see the main benefit of pension credit being the boost, it can actually open doors to many other benefits - something crucial to a lot of folks with the current economic climate.
That includes a package of up to £600 for cost of living support.
But while it sounds all great, Lewis says up to 800,000 Brits could be eligible for pension credit but are currently missing out.
With a whooping £1.7 billion unclaimed, Brits on average are missing out on £3,500 a year.
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Speaking on his ITV money show, Lewis said: "Really this is something of a national tragedy because these are some of the poorest people in the country who have been paying into the system for years and they are not getting the top up to their state pension that they are entitled to.
"So this is my rough rule of thumb:
"If you're a single pensioner with a total income of under £220 a week, or a couple both of state pension age with total income under £320 a week then you should check - I'm not saying you will get it just that it's worth checking.
"This is worth an average of £3,500 a year."
If you reached pension age after April 6 2016 and have around 35 years of qualifying National Insurance, it is certainly worth checking if you are eligible.