As of February 2024, 755,000 were in receipt of Guarantee Credit only and 175,000 received Savings Credit only, while 429,000 were in receipt of both Guarantee Credit and Savings Credit.
According to the figures from the Department for Work and Pensions (DWP), 458,000 recipients are male, while 901,000 are female, meaning two-thirds (66%) getting the benefit were women.
Moreover, there were 11,000 fewer recipients versus the previous year, with the DWP noting a “downward trend in the PC caseload due to the raising of the state pension age and the introduction of the new state pension in April 2016”.
It added that since February 2022, the PC caseload “appears to have stabilised”, though there are 24,000 fewer claims since then.
‘More important than ever to claim Pension Credit’
However, according to pension analysts and commentators, these figures highlight the “significant challenge” facing the Government in increasing uptake before universal Winter Fuel Payments are scrapped later this year.
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Last month, Chancellor Rachel Reeves confirmed that to be eligible for the up-to-£300 Winter Fuel Payment, claimants would need to receive certain benefits, such as Pension Credit.
“The move means it is even more important low-income households entitled to Pension Credit make a claim this year,” Tom Selby, director of public policy at AJ Bell, said.
He added: “Worryingly, the latest Government estimates suggest just six in 10 people who are eligible for Pension Credit make an application, potentially costing those on the lowest incomes thousands of pounds in lost income.”
This is because Pension Credit acts as a gateway to other valuable benefits, including dental treatment and free TV licences for those aged 75 and over.
In 2024/25, if you are over the state pension age (66), single and your income is less than £218.15 per week, then Pension Credit will top you up to that amount. For a couple, the combined income figure is £332.95.
‘Now is not the right time for Winter Fuel Payment changes’
Joanna Elson, chief executive of Independent Age, said many people could therefore miss out on an average of £4,000 per year, as well as the up-to-£300 Winter Fuel Payment.
Elson added: The latest overall take-up figures show that only 63% of eligible people receive the entitlement, meaning up to 1.2 million older adults living on a low income could be missing out. The low take-up numbers show that now is not the right time to make changes to the Winter Fuel Payment; it’s dangerous and puts older lives at risk.”
Jon Greer, head of retirement policy at Quilter, said: “Linking Winter Fuel Payments to a benefit [that] appears to have just 60% take-up has drawn broad consternation.
“If you are unsure whether you are eligible, it is vital that you check. An online pension credit calculator is available and can provide an estimate of the potential benefits you may be eligible for, and the application process is simple and can be done online, by post or by calling 0800 99 1234.”
