For many people, claiming a pension usually means they’re able to spend their retirement living relatively comfortably.
Eligible pensioners who have reached state pension age are able to claim a regular amount of money per week – which is known as the state pension.
Meanwhile, a private pension pot will provide retirees with money to live off each week.
However, statistics now show that more than a third of people missed out on claiming an extra amount of money from the government between 2016 and 2017.
Official figures from the Department for Work and Pensions (DWP) reveal six out of 10 (64 per cent) of retirees eligible to claim pension credit did so that year.
As such, four out of 10 missed out on putting in a claim – which could amount to £2,184 per person per year.
According to YourMoney.com, the DWP said £3.5 billion was left unclaimed.
On an individual level, this could break down to a retirees missing out on £13.40 each week – while couples could be eligible for £14.99 weekly.
What is pension credit?
Pension credit is an income-related benefit which is made up of two different aspects: guarantee credit and savings credit.
The former ensures retirees over the state pension age have a minimum weekly income.
If you earn less than £163 per week – or as a couple, less than £248.80, then you could potentially claim guarantee credit in order to reach this minimum level of income.
However, you must be certain age in order to be eligible for guarantee credit, so it’s worth checking on the GOV.UK calculator.
Meanwhile, savings credit is additional money if you have got some savings, or your income is higher than the basic state pension.
Those who are eligible are able to claim up to £13.40 extra per week if they’re single, while couples could receive £14.99.
However, only those who reached state pension age before April 6 in 2016 are able to claim this.
How do you claim pension credit?
In order to put in a claim, you should ensure that you’ve reached the qualifying age.
Then, contact the pension credit claim line on 0800 99 1234 in order to fill in your application over the telephone.
Can you delay your state pension payment, and will it increase how much you get?
The government website says that if you delay claiming your state pension, the amount you get will increase for each week you defer.
However, retirees must defer claiming your state pension for at least nine weeks, in order to qualify for this.