Eight in 10 pensioner homeowners are missing out on thousands of pounds worth of state benefits, new analysis from Just Group has shown.
According to the retirement specialist’s 15thannual State Benefits insight report, 33% of pensioner homeowners were entitled to one of the key benefits in 2024, yet 79% failed to claim any of the benefits they were eligible to receive, missing out on an average of £1,807 a year extra income.
Nearly one in 10 (9%) who were claiming were receiving too little, on average missing out on an additional £2,915 a year income.
Stephen Lowe, group communications director at Just Group, said: “Despite the focus on benefits as a result of the government’s decision to axe Winter Fuel Payments to millions, our survey once again shows the scandalous scale of the underclaiming problem. Of the one-third of pensioner homeowners eligible for benefits, the proportion failing to claim remains very high, while the amounts unclaimed are larger than for more than a decade. This is real cash that should be helping low-income pensioners deal with the cost-of-living crisis.”
Guarantee Pension Credit is the main benefit targeted at helping low-income pensioners. It was claimed by only one in 10 of those eligible last year, with households failing to claim losing an average £1,391 extra income per year.
Just under one in 10 (8%) were eligible for Savings Pension Credit, but only a quarter of those were claiming, with the average annual loss amounting to £933 per household.
Council Tax Reduction could be claimed by as many as three in 10 (29%) households, but Just Group’s analysis found only a quarter of those were claiming, losing out on an average of £1,067 annually.
In addition, Just Group said 50% of eligible households were also failing to claim Universal Credit, missing out on an average of £2,626 per year.
“Our take up figures for homeowners are a little lower than the overall rates published by the government, suggesting some people may think owning a home rules them out of receiving state support,” said Lowe.
Research by Just Group’s sister company HUB Financial Solutions found more than a third (38%) of over-65 homeowners had never checked their entitlement to state benefits, with a further 19% unsure or unable to remember when they last checked.
Lowe said the findings raise questions about the support and guidance available to people heading into retirement and beyond.
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