State pensioners born before specific years could be eligible for a state pension increase worth £2,991 annually.
This is due to a modification in the state pension system eight years ago, resulting in millions of pensioners receiving less than their living costs.
However, with one straightforward claim, state pensioners born during a particular period could secure an additional £2,522 plus extra benefits.
The state pension system underwent changes in 2016. The basic state pension provides £169.50 to those who retired prior to 2016, applicable to men born before April 6, 1951, and women born after April 6, 1953.
These individuals would have reached retirement age before April 2016 and were therefore placed on the old basic state pensionsystem, paying £8,814 annually in total.
The new state pension system offers much more – £221.20 per week or £11,502 per annum.
Consequently, anyone born after the aforementioned dates will automatically claim the significantly more profitable new state pension.
While older pensioners cannot transfer from the old basic state pension to the new state pension, anyone on the old state pension system can boost their weekly income to nearly the same amount using Pension Credit.
Pension Credit increases your income to £218 a week, equating to £11,336 in total. This is a top-up of £2,522 per year if you’re on the older basic state pension and otherwise have a weekly income lower than that, reports the Daily Star.
Furthermore, you would also receive your £300 Winter Fuel Payment again as those claiming Pension Credit will continue to get the payment under the new system, bringing your total to £2,822.
Additionally, you’d be entitled to a free TV Licence valued at £169.50, taking your total boost to £2,991.50. This does not include any potential council tax discounts or housing benefit you may qualify for, depending on your local authority.
To make a claim, dial the Pension Credit hotline on 0800 99 1234.
