Older Pensioners on Pension Credit Can Receive More Than New State Pensioners
A recent survey has uncovered a significant financial opportunity for older state pensioners, revealing that those claiming Pension Credit can actually receive more than individuals on the new state pension. This finding highlights a critical gap in awareness among retirees, with many potentially missing out on substantial annual income.
Survey Reveals Widespread Missed Opportunities
The poll, which involved 1,000 adults aged over 55 and was commissioned by McCarthy Stone, identified Pension Credit as a major overlooked benefit. Shockingly, around one million retirees fail to claim this support each year, despite it being worth an average of £2,600 annually for those over state pension age. This oversight means older adults risk losing up to £13,000 a year by not understanding their entitlements.
Sue Hayward, commenting on the research, emphasized the importance of awareness. She stated, "This research shows households could be missing out on millions in financial and housing support simply because they don’t realise what they’re entitled to, where to find out more or how to claim."
Financial Advantages of Pension Credit
According to Money Saving Expert, Pension Credit perks could be worth £19 a week for households. Because it tops up the basic state pension, older retirees on Pension Credit can end up with higher total payments than new state pensioners. This financial boost is crucial for supporting a secure and independent lifestyle in retirement.
Hayward added, "Planning and research is key when it comes to having the power to choose the retirement you want. If you’ve built up equity in your property, it’s worth exploring all avenues, as it may not be practical to stay in your current home forever and there are other options when it comes to supporting an independent, but safer and more secure lifestyle."
Clear Information Unlocks Confidence and Savings
Chrissy Fice from McCarthy Stone, which has launched a government-backed later-life shared ownership scheme called Home Buyers Help in partnership with Homes England, highlighted the power of information. She said, "This research shows how powerful clear information can be. When people understand the financial and housing options available to them, it can unlock confidence, flexibility and meaningful savings."
Fice continued, "Through our government-backed later-life shared ownership scheme, we’ve already seen customers save a combined £14.5million in 2025 while enjoying the benefits of a safe and secure new home – proof of how the right information can turn options into real financial and lifestyle outcomes. Our role is to help experienced homeowners make informed choices about how they want to live next, with clarity, control and peace of mind."
The survey underscores the urgent need for better education and outreach regarding Pension Credit and other retirement benefits, ensuring that older adults can maximize their income and live comfortably in their later years.
