legal & fi nancial
Get the pension and benefi ts you’re entitled to
During your working life you’ve contributed your fair share, one way or another. Here’s your guide to the fi nancial help you could receive once you retire
Your pension
As you approach retirement keep reviewing any private pension arrangements to ensure that contributions are suffi cient for your future needs.
Most people can also claim the state pension, based on National Insurance Contributions and paid when they reach state pension age. Currently this is 65 for men, increasing to 65 for women in 2018 and reaching 66 for both sexes in 2020.
The full basic state pension, which is
currently £110.15 per week, increases year on year. You may be eligible for the State Second Pension which is also based on National Insurance Contributions. • For more information, read The Department for Work and Pensions’ free booklet, State Pensions: Your Guide (PM2). Call 08457 313233 to order a copy or check what your pension is worth at the website
www.gov.uk/ calculate-state-pension
Pension Credit
Pension Credit is an income-related benefi t comprising: • Guarantee Credit – tops up a pensioner’s weekly income to a minimum level.
• Savings Credit – an extra payment for over 65s who have savings towards their retirement. • For more information, call 0800 99 1234 or check out the website
www.gov.uk/pension-credit-calculator
The Welfare Reform Act 2012 is bringing about major changes to the benefi ts system, some of which will affect pensioners (the increase in state retirement age is one example). Housing benefi t is being replaced by Housing Credit (see below).
on. Check with your council regarding eligibility.
“The full basic state pension, which is currently £110.15 per week, increases year on year”
Benefi t entitlements
If you’re over 60 you could receive help with care, housing costs and general living expenses including: • Housing Benefi t – soon to be changed to Housing Credit and paid as part of Pension Credit, this helps pay rent if you’re a tenant on a low income. • Council Tax Reduction/Support – helps pay council tax, depending on factors such as age, income, savings and so
• Support for Mortgage Interest (SMI) – homeowners receiving some income- related benefi ts could get help towards mortgage interest payments. See www.
gov.uk/support-for-mortgage-interest • Winter Fuel Allowance – this annual payment helps with heating costs. If you’re under 80 it’s worth £200, rising to £300 if you’re 80 plus. Contact the Winter Fuel Payments Helpline on 0845 915 1515. • Cold Weather Payment – this pays £25 per day when the weather is very cold. • Attendance Allowance – people over 65 with a health problem can get help towards the cost of personal care. Call 0845 712 3456 for more information. • Carer’s Allowance – offers extra cash to carers. You can
call the Carer’s Allowance Unit on 0845 608 4321.
• Help with health charges – fi nancial help towards the cost of dental treatment, prescriptions and eye tests is available. Call Help with Health Costs on 0845 850 1166 or visit the website
www.nhs.uk/healthcosts
• Disability Living Allowance/Personal Independence Payment – you may qualify if you’re under 65, need help with personal care or have diffi culty walking.
Planning For Later Life Magazine
17
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