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Pensioners must act now to claim cash
1 October 2008 15:06
Many of the UK's pensioners could miss out on the opportunity to boost their income if they do not apply for pension credit.
Those who are eligible have five days to submit an application and claim back a year's worth of backdated entitlement.
The scheme is available to those aged 60 or over, but from October 6th the government is proposing to cut the backdating period from one year to three months.
Tom McPhail, a pension expert with Hargreaves Lansdown, said that a delay of one week in submitting a claim could cost thousands of pounds in lost benefits, so it was imperative that anyone who was eligible made their claim as soon as possible.
Pension credit guarantees those over 60-years-old an income of at least £124.05 a week, or £189.35 a week if you have a partner.
From today (October 1st), individuals who have saved funds in a protected rights pension scheme will be able to switch their money into a self-invested personal pension (Sipp).
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