Pensioners with over £10,000 savings could still get DWP support

MoneyState pensionNearly a million pensioners could be missing out on payments because of a misunderstanding07:49, 23 Aug 2026Pensioners who have savings can still qualify for support worth £4,300 a year on average from the Department for Work and Pensions, despite a major misunderstanding.‌Pension Credit is one of the most underclaimed benefits in the UK, with around 910,000 eligible pensioners leaving behind £2.5billion in support according to MSE. Many are missing out simply because they believe that having any savings or investments will stop them from qualifying, which is not true.‌There’s only a few hardset criteria people need to meet in order to be eligible. This includes:‌Live in the UKBe over the state pension ageHave a weekly income below £238 if you're single, or £363 if you're in a coupleThe income threshold can be higher if you have a disability. The UK Government website also has a Pension Credit calculator where people can check if they qualify.‌Savings or investments under £10,000 in total value won’t affect your Pension Credit claim at all. Pensioners with savings over £10,000 will have to calculate an extra £1 in their weekly income for each £500 they have over this threshold. For example, if you have £11,000 in savings, you’ll add £2 to your weekly income calculation.Pension Credit tops up your weekly income, so the exact amount of cash people receive will vary from person to person depending on their other income and savings. However, on average recipients get around £4,300 a year from the benefit.However, even if you discover you’re only entitled to a few pounds from Pension Credit, it is still worth claiming because just being entitled to it can open the doors for a range of other discounts, benefits and support.‌This includes:Free TV licence once you reach 75Council tax reductionsWarm Home DiscountHousing benefitCold Weather PaymentsFree dental treatmentSome social tariffsArticle continues belowOther myths that stop people from claiming their entitlement include believing they won’t be eligible if they own their home. But in reality, if the property you own is the one you’re living in, it won’t be counted as income or savings for your eligibility.Some people may also know they’re eligible but find the application process difficult to navigate. However, there is a range of free support and advice available through the likes of Citizens Advice and MoneyHelper.Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌State pensionDepartment for Work and PensionsPensionsCitizens Advice BureauCouncil tax