Marvin OnumonuDepartment for Work and Pensions (DWP) data for the financial year ending 2024 showed that up to one million pensioner families could be missing out on an average of £2,600 a year in Pension Credit.
There were up to 910,000 families who were entitled but did not claim.
Up to £2.5bn of Pension Credit went unclaimed, up from £1.5bn the previous year.
On average, families who didn’t claim missed out on £2,600 per year, an increase from £1,900 in the previous year.
Stephen Lowe, director at Just Group, said: “Today’s figures show the huge sums of Pension Credit that are going unclaimed by many of the nation’s poorest pensioners, who are missing out on thousands of pounds a year of valuable extra income.
“The data published today runs to the end of the 2024 Financial Year which means that only next year will we see whether the restriction of Winter Fuel Payments to those eligible for Pension Credit, and the consequent campaign to boost the number of Pension Credit claimants, has made an impact.
“The data on weekly claims that we have seen so far suggests a strong increase in take up but it seem likely there will still be hundreds of thousands of eligible retirees missing out.”
Lowe added: “The benefits system is complicated and anyone feeling the squeeze on their finances should check their entitlement to benefits.
“That includes people who have savings or own their own homes, which they think may make them ineligible for benefits.
“Our own research among over-65s found that four in 10 (40%) pensioner homeowners had never checked their eligibility for State Benefits beyond the State Pension, that is more than twice the proportion of renters (15%).”
He said: “There is a range of free resources to help people check eligibility – and family members can also check if they suspect elderly relatives may be missing out on valuable help.
“The government website has links to useful third-party calculators while other good sources are Citizens Advice, local councils and charities.”
