Latest news with #Pensioners
The Sun
3 days ago
- Business
- The Sun
Grandparents can slash TV Licence bill to £0 in just 16 minutes – check if you're eligible
GRANDPARENTS can slash their TV Licence bill to £0 and unlock thousands of pounds in free cash in just 16 minutes. A TV Licence costs £174.50 a year, £5 up from £169.50 before April, but you can get a 100% discount through a Government benefit. 1 Pension Credit is paid to state pensioners on low incomes and is designed to top up your weekly income to a minimum level. The Department for Work and Pensions (DWP) says the average claim is worth £3,900 and it takes just 16 minutes to apply for the benefit online. But Pension Credit also opens up a host of other perks including help with housing costs, council tax and a free TV Licence. You can get a free TV Licence if you're 75 or older, and you or your partner are receiving the benefit. If you're already on Pension Credit, you can apply for a free licence when you are 74. You have to pay for your licence until the end of the month before your 75th birthday but are covered by your free licence after this. If you have paid for a TV Licence then qualified for Pension Credit, you may be able to get a refund on any remaining months on your current paid-for licence. This is processed when you apply. You can apply for a free TV Licence via - If you already have a TV Licence, sign in and apply for your free one via the link on this page. Could you be eligible for Pension Credit? If you don't have a TV Licence currently and are already on Pension Credit, you can apply for a new one via the link on this same page. You can also call 0300 790 6117 and speak to someone between 8.30am and 6.30pm Monday to Friday. If you claim a free TV Licence through Pension Credit you can't claim another one for a second home. What is Pension Credit? Pension Credit is means-tested meaning your income is taken into account when deciding whether you qualify. It is designed to top up the incomes of those of state pension age and older. Take-up has surged since a Government drive to get more claiming the benefit was launched last year. Figures published by the DWP in May revealed 321,000 applications were made in the 2024/25 financial year, an increase of 69,900 (28%) compared to 2023/24. It comes after the Government shook up the eligibility criteria for the Winter Fuel Payment meaning only those on certain benefits including Pension Credit qualified. Ministers have since rowed back on this, meaning anyone with an income of £35,000 or less now qualifies. Pension Credit is split into two parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income to a guaranteed minimum level. This level is currently: £227.10 if you're single £346.60 if you're a couple Savings Credit is extra money for those with some savings or an income higher than the basic state pension. It's available to people who reached state pension age before April 6, 2016. You could get up to: £17.30 extra per week if you're single £19.36 extra per week if you're a couple Even if your weekly income is worth £227.10 or more if you're single or £346.60 or more if you're a couple, you may still qualify if your income is over these thresholds and: you're a carer you have a severe disability you have certain housing costs, such as service charges you're responsible for a child or young person who usually lives with you You can start a claim for Pension Credit up to four months before reaching state pension age. You can also apply any time after reaching state pension age but can only get payments backdated by three months. You'll need the following information about you and your partner if you have one before applying: National Insurance number information about any income, savings and investments you have information about your income, savings and investments on the date you want to backdate your application to (usually three months ago or the date you reached state pension age) You'll also need your bank account details. Depending on how you apply, you may also be asked for your bank or building society name, sort code and account number. You can apply via .
The Sun
4 days ago
- Business
- The Sun
Households being handed £300 cost of living cash NOW – are you eligible?
MILLIONS of households will soon be able to get their hands on £300 worth of cash to help with the cost of living. The help comes as part of the Government's Household Support Fund, and aims to aid those who are most vulnerable. The scheme has been extended a number of times, with the latest round of payments running between April 2025 and March 2026. Each council in England is allocated a portion of the £742 million fund, which it then distributes to residents struggling with the rising cost of living. Eligibility criteria varies based on where you live but usually help is offered to those on benefits or a low income. Thousands of households in West Berkshire will soon be able to benefit from the scheme, after the local council was allocated a chunk of the fund. The money will be used to give eligible households £300 to help them with the rising cost of living. Low income families with three or more children will receive a maximum of £300, while families with one to two children will be offered up to £250. Others will receive a maximum of £150. West Berkshire Council will also provide free school meal vouchers during the holidays. Eligible children will receive a total of three weeks of support to cover the holiday period and February half term. Vouchers will need to be collected at the child's school. Disability benefit explained - what you can claim The fund will also go towards supporting pensioners via targeted assistance. Eligible residents can apply to get their hands on some of the money via the council's form. What If I Don't Live In West Berkshire? The £742million Household Support Fund has been shared between all councils in England. So, if you don't live in West Berkshire but are struggling financially or are on benefits you will likely be eligible for help. Household Support Fund explained Sun Savers Editor Lana Clements explains what you need to know about the Household Support Fund. If you're battling to afford energy and water bills, food or other essential items and services, the Household Support Fund can act as a vital lifeline. The financial support is a little-known way for struggling families to get extra help with the cost of living. Every council in England has been given a share of £742million cash by the government to distribute to local low income households. Each local authority chooses how to pass on the support. Some offer vouchers whereas others give direct cash payments. In many instances, the value of support is worth hundreds of pounds to individual families. Just as the support varies between councils, so does the criteria for qualifying. Many councils offer the help to households on selected benefits or they may base help on the level of household income. The key is to get in touch with your local authority to see exactly what support is on offer. The current round runs until the end of March 2026. This is because the fund was originally set up to help those on low incomes or classed as vulnerable. What type of help you can get will vary but it could range from a free cash payment to supermarket vouchers. It's worth bearing in mind, because the new round of the HSF has only just opened, you might not be able to apply for help yet. However, it's worth keeping an eye on your local council's website or social media channels. Most councils have pages on their websites dedicated to their HSF as well. You might be able to find it by typing in the name of your council then "Household Support Fund" into Google search. You may have to apply for help through the HSF or you may be contacted directly by your council. Some local authorities send letters to your home to let you know about next steps you need to take. Other help if you're on a low income It's worth checking if you're eligible for benefits if you haven't already - it could boost your bank balance by thousands of pounds a year. If you're struggling with the cost of food, check where your nearest food bank is, to help you get cupboard staples for less. The Trussell Trust has hundreds of food banks across the UK, and you can find your nearest one here - Meanwhile, if you have fallen behind on your energy bills, you might be able to get a grant to wipe any debt. British Gas and Octopus Energy, the UK's two biggest energy firms, both run schemes offering customers grants worth up to £2,000. You might be able to apply for a free grant through a local charity as well. Charity Turn2Us has a free-to-use grants search tool on its website which you can find here -
Telegraph
11-07-2025
- Business
- Telegraph
Stealth tax raid to add £15k to cost of a ‘comfortable' retirement
Pensioners will need to spend nearly £15,000 more to live comfortably in retirement if Labour extends its stealth raid on incomes, analysis shows. Income tax thresholds are frozen until 2028, but Sir Keir Starmer has refused to rule out extending the freeze beyond this date. A single pensioner needs disposable income of £43,900 for a 'comfortable' retirement today, according to trade body Pensions UK. But higher living costs and a two-year extension to the tax threshold freeze would mean this figure rising to £58,860 by 2030 – £14,960 more than today. Income tax thresholds were frozen from 2021 until 2028 under the Tories. The policy has dragged millions more taxpayers, including pensioners, into higher brackets as inflation pushes up incomes in a process known as 'fiscal drag'. Rachel Reeves has committed to keeping thresholds frozen until at least 2028. But the Chancellor and the Prime Minister have refused to rule out an extension as the Government fights to fill a £22bn fiscal 'black hole'. A 'comfortable' retirement is defined by Pensions UK as having enough money for luxuries such as regular beauty treatments, theatre trips and a two-week holiday in Europe every year, with around £70 to spend on groceries and £60 on meals out per week. It assumes the retiree owns their own home and is mortgage-free. In 2019-20, £33,000 of expenditure was needed for a single pensioner to maintain this lifestyle, requiring an income of £38,125. However, the rising cost of energy, groceries, holidays and driving means they now need to spend £43,900 a year to achieve a 'comfortable' retirement, requiring an income of £52,220. If the disposable income required continues to rise by the annual average of 6pc each year, and income tax thresholds remain frozen, the same pensioner will need to spend £58,860 by 2030, requiring an income of £77,153. Sir Keir told Prime Minister's Questions on Wednesday that he stood by his party's manifesto pledge not to raise taxes on working people. But he refused to say whether the freeze on income tax thresholds would be extended beyond the 2028 expiry date. The freeze is considered a stealth tax as it raises revenue for the Treasury without increasing headline income tax rates. U-turns on winter fuel payments for pensioners and cutting disability benefits have piled pressure on the Government's spending plans, with economists saying tax rises are now likely in the autumn Budget. Alan Barral, financial planner at Quilter Cheviot, said: 'Frozen income tax thresholds may feel like a technical detail, but they have real consequences for retirees whose standard of living is being squeezed. 'As incomes creep up to keep pace with inflation, more of that income ends up being taxed, effectively reducing spending power year after year. 'With the UK facing significant fiscal challenges, there's a real risk that Rachel Reeves may feel compelled to backtrack on Labour's pledge to unfreeze thresholds.' Baroness Altmann, a former pensions minister, warned that an extension of the freeze would have the greatest impact on the poorest retirees whose state pensions would start to breach the £12,570 tax-free personal allowance. She added: 'Taxing these pensioners for perhaps a few pennies will be an administrative nightmare and cause distress and upset. 'The longer thresholds are frozen the more people will be dragged into the tax net – and the more people will really suffer.' A government spokesman said: 'We are committed to helping our pensioners live their lives with dignity and respect, which is why in April the basic and new state pension increased by 4.1pc. 'Pensioners will receive a boost of up to £470 to their income in 2025-26. Our commitment to the triple lock means millions will see their pension rise by up to £1,900 this parliament.'
Yahoo
01-07-2025
- Business
- Yahoo
Centrelink age pension changes coming into effect for millions today
Age pension changes will come into effect for millions of Australians today. While payment rates aren't going up, increased income and asset thresholds mean more people could be entitled to benefits or get bigger payments. To get the age pension from Centrelink, you need to pass an income and asset test. From today, the thresholds for these tests have increased by 2.4 per cent as part of regular indexation to ensure they keep up with the cost of living. The change means people can earn more and have more assets before their payments are impacted. It also means some people may be able to qualify for the pension for the first time. RELATED Centrelink cash boost coming from July 1 for millions of Aussie Centrelink issues urgent deadline warning for lump sum payment ATO superannuation warning as deadline for $30,000 deduction fast approaches The age pension is currently $1,149 per fortnight for singles, including supplements, and $1,732.20 combined for couples. Payment rates increase twice a year in March and September. Around 2.6 million people receive the age pension in Australia. Receiving the payment means you'll also be eligible for the Pensioner Concession Card, which gives you access to cheaper medicine, bulk-billed doctor visits, and state, territory and local government benefits. Singles can now earn $218 a fortnight, up $6 a fortnight from $212, and still be eligible for the full pension. Each $1 over the threshold reduces the pension by 50 cents a fortnight until it hits the new cut-off limit of $2,516 a fortnight. Couples can earn $380 a fortnight, up $8 a fortnight from $372, and get the full amount. The new cut-off limit is $3,844.40 per fortnight. Income includes employment income, along with income from other sources such as financial assets like super and savings accounts. Under the Work Bonus, pensioners can earn up to $300 of employment income in a fortnight without it affecting their pension. Single homeowners can now have assets of $321,500 and receive the full pension, up from $314,000. Couples can have $481,500, up from $470,000. The cut-off threshold for singles to receive a part pension has increased to $704,500, up from $697,000, and for couples to $1,059,000, up from $1,047,500. Single non-homeowners can have assets of $579,500, up from $566,000 and get the full pension, while couples can have $739,500, up from $722,000. The cut-off thresholds have increased to $962,500, up from $949,000, for singles, and $1,317,000, up from $1,299,500 for couples. Assets include things like cars, business assets, property (not including your primary residence), your superannuation balance, investments and private trusts and private companies. The deeming thresholds have also increased today. Deeming rates are used to estimate how much income you earn from your financial assets each year, instead of calculating your actual returns. For singles, the lower threshold has increased to $64,200, up from $62,600. For couples, the lower threshold has gone up to $106,200, up from $103,800. Amounts up to the lower threshold will be deemed to have earned an interest rate of 0.25 per cent, while amounts above have a rate of 2.25 per cent. The change means a bigger portion of your income will be assessed at the lower rate. This may mean some people may be entitled to slightly bigger in retrieving data Sign in to access your portfolio Error in retrieving data
The Sun
12-06-2025
- Business
- The Sun
State pensioners warned to make urgent check to see if they can slash their broadband and mobile bills by £100s
STATE pensioners are being urged to check if they can slash their broadband and mobile bills by hundreds of pounds a year. Older households can save money on internet and phone deals by signing up for social tariffs. Social tariffs are offered to those on government benefits like Universal Credit. And they can save you hundreds of pounds a year compared to standard deals. Not only that, but they often come with no exit fees, although you should always check the terms and conditions carefully. Virgin Media O2 is urging older households to sign up to its broadband and mobile phone social tariffs to save money. It comes after a survey by the telecoms firm found almost half were unaware of the cheaper tariffs. Households on Pension Credit, a benefit paid to state pensioners on low incomes, are eligible to apply for the provider's social tariffs. Customers can sign up for its Essential broadband package which costs £12.50 a month and comes with 15Mbits speed. There is also an Essential broadband package which costs £20 and comes with 54Mbits speed. O2 customers can also sign up for an Essential Plan mobile phone tariff with 10GB of data, unlimited texts and minutes for £10. All three of the tariffs come on 30-day rolling contracts meaning you can cancel at the end of each month. How to get the best deal Of course, as is the case with any major buy like this, it pays to shop around to make sure you're getting the best package and price. The regulator Ofcom has a list on its website of all the firms offering social broadband and mobile phone tariffs. The list can be found here - It's worth scanning the list to find the package that best suits your needs. It's also worth comparing deals via comparison sites like Uswitch. For example, Hyperoptic Fair Fibre 50 offers a 50Mbits speed social broadband tariff for £15 a month, which is £2.50 more expensive than Virgin Media O2's Essential broadband deal but offers a quicker internet speed. Meanwhile, 4th Utility's social broadband tariff costs £13.99 a month and comes with 30Mbit speed. When applying for a social tariff, you will most likely qualify if you're on Universal Credit. Some other benefits qualify you too, but not always, including Pension Credit, Employment and Support Allowance and Jobseeker's Allowance. Check out each provider's website where eligibility criteria will be listed. How to save on broadband and TV bills HERE'S how to save money on your broadband and TV bills: Audit your subscriptions If you've got multiple subscriptions to various on-demand services, such as Amazon Prime, Netflix, and Sky consider whether you need them all. Could you even just get by with Freeview, which couldn't cost you anything extra each month for TV. Also make sure you're not paying for Netflix twice via Sky and directly. Haggle for a discount If you want to stay with your provider, check prices elsewhere to set a benchmark and then call its customer services and threaten to leave unless it price matches or lowers your bill. Switch and save If you don't want to stay with your current provider check if you can cancel your contract penalty free and switch to a cheaper provider. A comparison site, such as BroadbandChoices or Uswitch, will help you find the best deal for free.
