Retirees who own their own homes could lose thousands of pounds in income because they do not claim their right to full state benefits.
Nearly half of legal homeowners do not claim any benefits, with an average of £ 1,197 per household being deprived of additional income.
This is based on the annual report of Just Group, a pension products and services specialist, and interviews with people over the age of 55 who have asked for advice on capital withdrawals in 2021.
It was also found that more than two out of every 10 retirees claiming a pension would receive a pension and lose an average of £ 1,220 per year.
Missed: Just Group report shows that one-third of those claiming less than state benefits are eligible for payments of at least £ 1,000 a year.
The worst case reported in the report was a couple in Kent who lost £ 9,090 a year.
Although the couple received some disability and mobility benefits, it was found that they could claim a guaranteed pension loan, a funded pension loan and a reduction in council taxes.
According to the ONS, there are 5.39 million retired, homeless households in the UK, accounting for 22.9 per cent of all 23.53 million households.
Some benefits, such as a state pension, are open to everyone, but other benefits, such as a pension loan, are subject to funding testing. The age of eligibility may also vary for certain preferences.
Stephen Low, communications specialist at Just Group, a pension expert, said: “It is not claimed that every year we earn meaningful income that can radically change people’s lives.
“The share of people eligible for a pension has a declining trend, but most of these people can’t claim it.
“This raises serious questions about why people in need don’t get what they deserve.”
Concession Survey: The study is based on in-depth fact-finding interviews with clients seeking advice on mortgage equity issuance during 2021.
A study by Just Group, which conducted in-depth interviews with people seeking advice on raising capital in 2021, found that almost a quarter had benefits.
49 percent of them claimed nothing and 21 percent claimed very little.
Overall, about a third of low-income claimants were entitled to a pension of at least £ 1,000 a year.
There are three main benefits that retirees can claim
Guaranteed pension loan According to Just Group, it has the highest rate among all four major benefits, with seven out of 10 eligible to claim.
This is a key benefit to help low-income retirees. This gives them extra money to cover living expenses if the state is above retirement age and low-income.
It can also help with housing costs, such as land rent or service fees, or, for example, the caregiver’s expenses.
According to Just Group, those who fail to claim will lose an average of £ 2,265 extra per year: the most benefits.
Fund pension loan provides additional money to those who have created some funds to retire at the expense of their own funds or at the expense of pensions other than the basic state pension.
However, it is only available to people who have reached the state retirement age by April 6, 2016.
According to Just Group, it has the lowest level of retirement benefits for retirees, with only 45 percent of those eligible to claim it. Those who fail to claim will lose £ 596 a year.
Reduction of council taxes less than half of those eligible to claim it claim that the average claimant loses £ 748 a year.
Overall, 49 percent of those eligible to claim were completely deprived of one of their basic retirement benefits, 8 percent were deprived of two benefits, and 2 percent were deprived of three types of benefits.
|2021||Guaranteed pension loan||Fund pension loan||Reduction of council taxes||Universal credit|
|He has the right to sue||6%||6%||23%||2%|
|Acceptance rate among those eligible to sue||72%||45%||47%||43%|
|The average annual value of the new claim was determined||2265 pounds||£ 596||748 lbs||2806 pounds|
“Our understanding reflects a wide range of government data, with guaranteed pension loans accounting for 70 percent and fund loans at 42 percent,” adds Stephen Lowe.
“According to government estimates on two elements of the pension loan, up to one million households cannot claim up to £ 1.8 billion each, or about £ 1,700.
“Couples are less likely to get their rights than single people, and those over the age of 75 are less likely than young retirees.”
How to check if you missed the privileges
Just Group calls for information on benefits to be at the center of all retirement guidelines.
He recommends that all retirees check to see if they are eligible for more or less benefits than they currently receive.
There are organizations such as Money Advice Service and charitable organizations such as Age UK and Citizens Advice to support and provide additional guidance in claiming the right to a full pension.
The government also emphasizes free, independent third-party pension calculators to help retirees determine what benefits they can enjoy and how they can claim.
You can also use this money retirement calculator to calculate how much money you need to save to retire.
According to Lowe, the findings raise questions about the help and guidance available to those struggling to make a profit, especially homeowners.
“Information about these benefits reinforces the message that they are an integral part of the retirement guideline and that those struggling for income should check that most can’t.
“Our survey last year showed that 44% of homeowners over the age of 65 had never checked their eligibility for government benefits, while only 16% rented.
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