Pensioner homeowners missing thousands in benefits - research

'Free guidance should be default' - Just

Hannah Godfrey
clock • 2 min read

Hundreds - and in some cases, thousands - of pounds of additional income is being lost by pensioners who are failing to claim their rightful state benefits, according to research by Just.

According to the group's seventh annual survey, of the half of pension homeowners who are entitled to receive benefits, almost two-thirds (62%) are either failing to claim or are receiving less than they should. Just's study claims those failing to claim are missing out on an average of £576 per year - though in one case the amount not being claimed was £2,330.  Among those who are claiming, meanwhile, more than a third (37%) are not being paid their full entitlement, with an average £672 annual 'loss', and in one case a 'loss' of £2,110. Couples are more likely to claim benefits, ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

FCA/TPR value for money framework a 'key priority' for 2024/25

FCA/TPR value for money framework a 'key priority' for 2024/25

Regulatory duo first announced a plan for common measurements in 2022

Hope Coumbe
clock 10 May 2024 • 1 min read
NAO finds estimated cost of dashboards has risen £54m

NAO finds estimated cost of dashboards has risen £54m

'The DWP must learn lessons from what happened on this programme'

Holly Roach
clock 10 May 2024 • 3 min read
FCA urged to redesign pension dashboard rules to 'prioritise customers'

FCA urged to redesign pension dashboard rules to 'prioritise customers'

AJ Bell calls on regulator to redesign the rules

Isabel Baxter
clock 09 May 2024 • 2 min read