Getting due pension credit is increasingly a focus of various government initiatives. Not only have individuals been encouraged to claim but there is also an emphasis on ensuring other family members, particularly those in poverty, are aware of potential eligibility. Steven Cameron, Pensions Director at Aegon, commented that, “Sadly too many people, especially those living in poverty, remain unaware they can even submit a claim.”
Pensions credit represents a major lifeline for millions across the country. According to the Office for National Statistics, by 2019/2020 the system is estimated to be a support of some £10 billion to 2.9 million households. Despite the enormous value of the scheme, the total spent on it managed to only rise by £1 billion from the year before. Thus it can be argued that more must be done to ensure its value is understood by those who are in dire need of financial assistance.
In order to optimise the impacts of pensions credit one must understand the complexities of the schemes’ regulations. For example, claiming for pension credit usually involves undertaking a ‘means test’ which assesses your financial situation, thence determining the type and amount of assistance you may be eligible for. This means test can be intimidating for some and require considerable paperwork.
In recognition of this complexity and intimidation, the Government has enabled a number of ways to reduce the burden. Aegon, provide ways on their website to simplify and make the process easier, including pre-populating field on the government’s claim form to cut down the time spent entering data.
The website also provides comprehensive information to ensure potential candidates are both aware if they are eligible for the scheme, and have a good idea of the amount of support they may receive. Furthermore, beneficiaries of the scheme will have their entitlements re-assessed each year to ensure they remain eligible for assistance.
Despite some of the difficulties in accessing this benefit, it remains an absolute lifeline for millions of vulnerable people. The information available on Aegon’s website is a fantastic resource to ensure anyone who is eligible is able to understand their entitlements and secure the support they need. It’s a system that rewards responsibility and helps those who may otherwise feel powerless in difficult or desperate financial situations. With the right information and support, pension credit can ensure that everyone who is eligible will receive the benefits they deserve.