Martin Lewis has warned that nearly one million people across the UK could be entitled for a huge income boost, and there's a simple way to check.
The financial guru, 49, has been frequently providing free money-saving tips and tricks over recent months amid the cost of living crisis, and he's now outlined how many pensioners may be eligible for extra financial support.
Those who are not claiming Pension Credit could be missing out on thousands each year, and it's estimated that nearly one million pensioners aren't claiming cash that they're eligible to receive.
Pension Credit gives those who are of state pension age and on a low income extra cash, with some being able to claim up to £3,300 per year dependent on circumstances.
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Pensioners on low income can have their weekly income boosted up to around £182.60, while those in couples see an increase of up to £278.70 per week.
Martin has branded it a "national tragedy" that many are not claiming the financial help available to them, with figures released by the government showing that around £1.7 billion in Pension Credit has gone unclaimed.
He told how those who are aged 66 or over – the state pension age – and have a weekly income of less than £200 should absolutely get in touch with the Pension Credit claim line, as it only takes five minutes to carry out the checks.
Martin has published a helpful guide on MoneySavingExpert.com, where he explained: "I'm not saying everyone in this position is due money, but many are, so if you're in this boat, it is absolutely worth five minutes to check.
"And don't worry, the worst that can happen is they say no. So don't stall, just call."
To be eligible for Pension Credit you must live in England, Scotland or Wales, and either you or your partner must be of state pension age.
When you apply, your household income will be calculated, which includes your State Pension, any other pensions, earnings from employment or self-employment and most social security benefits for example, Carer's Allowance.
If you don't meet certain thresholds, you will be awarded an income boost.
If you have £10,000 or less in savings and investments this will not impact your Pension Credit, and if you have more than £10,000, then every £500 over £10,000 counts as £1 worth of weekly income.
You can begin your application up to four months before you reach state pension age and you can apply anytime after you reach the age, but your application can only be backdated by three months.
You can apply online for Pension Credit if you are a new applicant, if you already claim Pension Credit you can call to let them know of any change in circumstances.
Other ways of applying include calling the Pension Credit claim line on 0800 99 1234, or printing out and filling in the Pension Credit claim form and applying via post.
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