Pensions - Articles - Pensioners lose out on Pension Credit from inaccurate forms


Analysis of yesterday’s DWP report on unfulfilled eligibility in the benefit system uncovered how much extra money benefit claimants could be getting if they had submitted accurate information to the DWP about their circumstances.

 The unfulfilled eligibility rate is the proportion of benefit claims, out of the total welfare funding allocated to a specific benefit, that are un-finished or unable to be processed due to missing evidence that is required to validate their claim.

 Across all welfare benefits, the total unfulfilled eligibility rate in FYE 2024* was 1.2% (£3.1bn), compared with 1.0% (£2.3bn) in FYE 2023. This represents an increase of £0.8 billion going unclaimed due to inaccurate applications.

 For Pension Credit, the unfulfilled eligibility rate in FYE 2024 was 1.5% (£80m), compared with 1.1% (£50m) in FYE 2023, with the proportion of claims with unfulfilled eligibility increasing from 5 in 100 claims in FYE 2023 to 8 in 100 claims in FYE 2024.

 Claimants failing to inform the DWP about reductions in financial assets (Capital) was the largest source of Pension Credit unfulfilled eligibility in FYE 2024. The rate was at 0.4%, compared with 0.2% in FYE 2023.

 Stephen Lowe, Group Communications director at Just Group, said: “Benefits like Pension Credit are a valuable financial resource for retirees on low-incomes or for those who are disabled, are carers, or have dependents.

 “This has been brought into sharper focus by the cost-of-living crisis in recent years as low-income pensioners have been grappling with steep rises in inflation. This has resulted in price increases of care costs, food and fuel, eating up more and more of their State Pension income. So, to see that eligible pensioners missed out on £80 million of extra income in FYE 2024 due to submitting inaccurate information is deeply frustrating for everyone.

 “The money is there to support the people who need it most, and although the application process can be lengthy, we strongly encourage people to persevere. There are many free resources online that provide guidance and advice on what benefits are available and how to claim them.”

 *FYE 2024 refers to the period ending 31 March 2024.

 https://www.gov.uk/government/statistics/unfulfilled-eligibility-in-the-benefit-system-financial-year-2023-to-2024-estimates/unfulfilled-eligibility-in-the-benefit-system-financial-year-ending-fye-2024

Back to Index


Similar News to this Story

2025 is a key year for pensions to consider their endgame
Aon has said that 2025 is a key year for UK pension schemes and has formed the UK Endgame Strategy team to help schemes with the decision-making proce
How pension tweak could save employers thousands
National Living Wage increased this month from £11.44 to £12.21 per hour. Employer National Insurance (NI) has also risen and the threshold at which e
2024 pension contributions surge but gender gap widens
New analysis from PensionBee highlights a sharp increase in pension contributions in 2024, despite ongoing pressures on household budgets.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.