View more on these topics

£150m in pensioner benefits left unclaimed

Pension-Pensioner-Depressed-Elderly-Man-500x320.jpgClose to a million British pensioners who qualify for the Government’s Cold Weather Payments and Warm Home Discounts scheme have missed the boat as winter ends, Royal London has found.

Royal London director of policy Steve Webb says lack of communication between pensioners and their families is leading to the increasing number of elderly who are not adequately provided for during winter.

The financial result of low income pensioners not seeking weekly ‘Cold Weather Payments’ of £25 or discounted energy bills on the Government’s Warm Home Discount scheme is approaching £150m.

Do today’s pensioners really have an unfair advantage over the young?

Webb says: “Family members should check if their elderly relatives are aware of pension credit and claiming for it. Many pensioners will be worried about fuel bills, so it is good that there is help available for the most vulnerable. Anyone worried about their fuel bill this winter should also contact their energy company to find out what help is available.”

Cold Weather Payments and the Warm Home Discount scheme are seperate from the annually-distributed Winter Fuel Payments, with those on a pension or universal credit, income support, or income-based jobseeker’s allowance or employment and sport allowance eligible for the additional funding.

Recommended

Scotland-Scottish-Flag-700x450.jpg
3

Scottish savers told to notify HMRC to get extra 1% tax relief

HM Revenue & Customs has published guidance on how new income tax bands in Scotland will affect pension schemes and their members. The note is a response to the Scottish Government’s confirmation it will introduce five income tax bands for 2018/19. Pension savers in Scotland currently receive pension tax relief at their marginal rate but […]

Gregg McClymont 480
1

Gregg McClymont: Why I need a financial adviser

Combining risk frameworks with appropriate asset allocation is no mean feat Economists call them “teachable moments”. A life event which make us think more about long-term financial planning. Until my 40th birthday, I barely thought of my mortality. But since then I have barely thought of anything else. A major birthday milestone combined with the arrival […]

Transact IPO to value platform at £650m

Transact has revealed it is targeting a £650m valuation as it plans to go public. Listing details for Transact parent IntegraFin Holdings’ IPO on the main market of the London Stock Exchange show it will be selling shares at 196p with a market capitalisation of £649.4m. IntegraFin has confirmed its intention to go ahead with […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
97

How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment