Pensioners "missing out" on financial help
People saving for retirement or living off savings should explore all the benefits and help those over 60 are entitled to, the pensions minister has said.
Mike O'Brien, in information released by the Department for Work and Pensions, said many people believe they are not eligible for Pensions Credit because they own their own home or have some savings for retirement.
"There are a lot of myths surrounding Pension Credit that need to be busted. Don't fall into the trap of assuming that the people around you aren't getting it," he said, revealing that 2.7 million households receive Pensions Credit every week to top up their incomes.
Pensioners over 60 who are living off less that £124.05 should be entitled to the extra support. Charities Age Concern and Help the Aged and local councils are working with the government to promote the benefit.
Those who wish to be as prepared as possible before they enter their retirement years may want to explore the number of different options available for saving, for example Sipps, hedge funds and other pension products.
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