HOUSEHOLDS should be aware of these exact codes which reveal the day their Pension Credit will be paid into their account.
Pension Credit gives you extra money if you claim the State Pension and are on a low income.
Over one million retirees get the financial support, with the figure expected to rise as more households look to claim the benefit to get access to the Winter Fuel Payment.
That is because cuts made by Chancellor Rachel Reeves mean only those on means-tested benefits – which includes Pension Credit – get the £300 support.
Around 74,000 pensioners have applied for the benefit following the move.
If you are expecting to receive the benefit for the first time you should be aware that the money is paid in arrears on the last day of your benefit week.
What day you receive financial support depends on what benefit you have applied for and what date you first received the payment.
In this case, Pension Credit is paid every four weeks.
Usually, the day you receive the payment is allocated using the last two digits of your National Insurance number.
This code is made up of letters and numbers and never changes throughout your life.
If you are confused about where you can find your National Insurance number, it is usually on documents such as old payslips.
You can also check out this article here for a more detailed explanation of what to do if you can’t find your NI number.
Recipients then must look at the last two digits of this code to find out when they can expect to see their Pension Credit money paid into their account.
For example, if the last two digits of your NI number are between 00-19, your benefit week runs from Tuesday to Monday, with the Pension Credit payday being Monday.
If your NI number is between 20-39 then your benefit week runs from Wednesday to Tuesday, with your Pension Credit payday set to be Tuesday.
If your NI number is between 40-59, your benefit week runs from Thursday to Wednesday and your payday will be Wednesday.
Meanwhile, if your NI number is between 60-79, then your benefit week runs from Friday to Thursday and your payday will be Thursday.
Finally, if your NI is between 80-99, then your benefit week runs from Saturday to Friday and your Pension Credit payday will be Friday.
Caroline Abrahams CBE, charity director at Age UK said a person’s payday doesn’t affect Pension Credit entitlement.
She explained: “We would urge anyone who is struggling right now to check whether they are entitled to extra money help.
“Age UK hosts a free and anonymous Benefits Calculator which can provide an estimate of the benefits that people could be entitled to so it’s worth checking.”
What can you get on pension credit?
If you live with a partner and you are both of State Pension age then your weekly income must fall below around £350.
However, if your income is slightly higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs.
You could get an extra £81.50 a week if you have a disability or claim any of the following:
- Attendance allowance
- The middle or highest rate from the care component of disability living allowance (DLA)
- The daily living component of personal independence payment (PIP)
- Armed forces independence payment
- The daily living component of adult disability payment (ADP) at the standard or enhanced rate.
You could get the “savings credit” part of pension credit if both of the following apply:
- You reached State Pension age before April 6, 2016
- You saved some money for retirement, for example, a personal or workplace pension
This part of Pension Credit is worth £17.01 for single people or £19.04 for couples.
Pension Credit opens the door to other support, including housing benefits, cost of living payments, council tax reductions and the Winter Fuel Payment.
Claims for Pension Credit also open doors to a number of freebies and discounts.
For example, Pension Credit claimants over 75 qualify for a free TV licence worth up to £169.50 a year.
Claims for the benefit also provide eligibility to £25 a week cold weather payments and the £150 warm home discount.
How to check your eligibility?
For those who are unsure if they can get access to the help, you can use the government’s Pension Credit Calculator.
This is available on the Gov.uk website and you have to put in your personal details to see if you qualify or not.
Before you begin the process you will need details of your earnings, benefits, pensions, savings and investments.
If you have a partner you must put in their details as well.
Applications for pension credit can also be made by ringing the pension credit claim line on 0800 99 1234.
You can get a friend or family member to ring for you, but you’ll need to be with them when they do.
You’ll need the following information about you and your partner if you have one:
- National Insurance number
- Information about any income, savings and investments you have
- Information about your income, savings and investments on the date you want to backdate your application to (usually three months ago or the date you reached state pension age)
If you claim after you reach pension age, you can backdate for up to three months.
Are you missing out on benefits?
YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to
Charity Turn2Us’ benefits calculator works out what you could get.
Entitledto’s free calculator determines whether you qualify for various benefits, tax credit and Universal Credit.
MoneySavingExpert.com and charity StepChange both have benefits tools powered by Entitledto’s data.
You can use Policy in Practice’s calculator to determine which benefits you could receive and how much cash you’ll have left over each month after paying for housing costs.
Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for.
