7 in 10 home owning pensioners not claiming full benefits

Nearly seven in 10 (69 per cent) home owning pensioners eligible for state support were failing to claim their full benefits entitlement in 2018, according to new research by Just Group.

This is an increase from 61 per cent in 2017, while the average annual value of missing benefits also increased during this period, from £1,013 to £1,053, the highest for five years.

Furthermore, 49 per cent of pensioner homeowners eligible for state support were failing to claim any benefits, compared to 42 per cent in 2017.

Two in 10 (20 per cent) were claiming but did not receiving their full entitlement, missing out on an average of £855 per year.

Just Group group communications director, Stephen Lowe, commented: “Once again we have found that too many people are missing out on claiming full benefits with the average annual loss of £1,058, the highest for five years.

“These are meaningful sums of money that would make a real difference to people’s lives, especially for those struggling to pay everyday living costs.”

Just Group was calling for benefits information to be at the heart of retirement guidance.

Lowe added: “It certainly reinforces the argument that state benefits information should be included as part of the government-backed free, independent and impartial financial guidance now being offered by Pension Wise to those aged 50+ who are considering accessing pension money.”

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