Test now! Round 1.75 million households might save £170 a 12 months with a free TV licence utilizing this little-known rule.
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Within the UK, anybody who tunes into stay tv, together with in style channels just like the BBC, ITV, and Sky, is required to buy a TV licence.
(Should you don’t, might you ditch your TV licence too).
For many, this implies paying £169.50 yearly for a color TV.
Nevertheless, a big profit exists for these over the age of 75 who’re on Pension Credit score — they’re eligible for a free TV licence, probably saving £170 every year.
Tens of millions in advantages unclaimed
Shockingly, over £249 million in free TV licences go unclaimed every year, as reported by Coverage in Apply.
This missed alternative impacts over a million pensioners who might benefit from this rule however haven’t but utilized.
Why this issues to you
Whereas the primary readers right here, you, my buddy, are typically fairly a bit youthful, you may be questioning why we’re mentioning it.
The data is for the older era, nevertheless it’s essential for youthful individuals too.
Understanding and sharing this can assist be certain that your mother and father or grandparents aren’t lacking out on advantages they’re entitled to.
It’s about searching for one another and ensuring everybody will get the assist they want.
Plus, remembering that this may increasingly nonetheless be round after we get sufficiently old to say it! Or, it won’t…
The problem with Pension Credit score
One motive extra individuals aren’t claiming this free licence is the dearth of claiming Pension Credit score itself.
Eligibility for a free TV licence is linked to receiving Pension Credit score, however as of final 12 months, practically 1.5 million older adults eligible for this credit score haven’t claimed it.
This group is lacking out on not solely the free TV licence but in addition as much as £2,677 yearly in further monetary assist.
Who qualifies for Pension Credit score?
Pension Credit score is for retirees over the State Pension age of 66 who stay in England, Scotland, or Wales.
It’s designed for these with a weekly revenue under £218.15 for singles, and £332.95 for {couples}.
This credit score takes under consideration most pensions and advantages however excludes issues like Attendance Allowance and Private Independence Funds (PIP).
How a lot might you obtain?
Pension Credit score is available in two components: Assure Credit score and Financial savings Credit score.
Assure Credit score ensures a minimal weekly revenue of £218.15 for singles and £332.95 for {couples}.
Financial savings Credit score provides somewhat additional for individuals who have saved for retirement, as much as £17.01 weekly for singles and £19.04 for {couples}.
You possibly can work out how a lot you’d get right here, though it’s normally round £75 additional per week.
Making use of is easy
Making use of for Pension Credit score will be finished as much as 4 months earlier than reaching State Pension age.
You possibly can apply on-line or by cellphone, and it’s potential to backdate your declare for as much as three months.
With a big sum of money left unclaimed every year, checking eligibility for Pension Credit score and a free TV licence is a small step that would result in vital financial savings for eligible seniors.
This isn’t nearly saving cash; it’s about guaranteeing that advantages designed to help our elders are absolutely taken benefit of.
So, take a second to debate this with older members of the family. It’s a dialog that would result in substantial financial savings!
Naomi is aware of the burden of dwelling on little or no and have become debt free by following her personal cash saving ideas and methods. She is an professional on saving cash on the grocery store and facet hustles.
