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Rishi Sunak announces pensioners to get £300 payment | Personal Finance | Finance

Rishi Sunak has unveiled a wide package of support measures designed to help during the cost of living crisis. Eight million pensioner households will be able to secure a £300 payment to support them in this difficult time.

Mr Sunak acknowledged several vulnerable groups who will be most impacted during a time of inflationary pressures. 

Older people in many cases have limited incomes, and therefore may struggle, especially if they are in the house for longer periods of time.

It may therefore be impossible to turn off the heating, and payments could be more difficult to manage.

Mr Sunak told the Commons: “Many pensioners are disproportionately impacted by higher energy costs.

READ MORE: State pension payments may rise by 10 percent next year

“They can’t always increase their incomes through work.

“Because they spend more time at home and are more vulnerable, they often need to keep the heating on for longer.

“We estimate many people who are eligible for Pension Credit are not currently claiming it, which means there are many vulnerable pensioners not receiving means-tested benefits.”

Those in receipt of the Winter Fuel Payment will benefit from the additional one-off payment. 

Steven Cameron, Pensions Director at Aegon, said: “Those receiving state pensions will be relieved to hear the Chancellor announce new targeted support measures to help them with the cost of living squeeze this winter. 

“The Government states low income pensioner households could receive a total of £1500 in additional one-off support payments this year.

“Of this, £650 will be paid to those receiving Pension Credit, so it becomes more important than ever that those eligible for this benefit make sure they claim it. If not receiving Pension Credit, the additional support adds up to £850.”

John Palmer, Director of Policy and Communication at Independent Age, added: “We are glad the Government has acknowledged the struggles that millions of older people on low incomes face due to the cost-of-living crisis.

“While today’s announcements will help alleviate much of the strain on older people’s finances for the rest of this year, it is essential the money is received quickly and that long term solutions are put in place. The Chancellor himself referenced the low uptake of Pension Credit.

“If the Government tackled this problem, many older people living poverty would see a long-term increase in their income that they can rely on.

“Pension Credit remains the best way to top up the income of older people struggling financially, and it opens the door to other entitlements such as the Warm Home Discount.”

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