Martin Lewis warns that 800,000 Britons are missing out on an average of £3,500

Martin Lewis warned of a ‘national tragedy’ after revealing that 800,000 Britons eligible for pension credit are missing out on an average of £3,500.

The money-saving expert’s ITV programme, The Martin Lewis Money Show Live, returned to TV screens last night for a two-episode run.

In the first episode, which he described as a “must-watch” for people between the ages of 45 and 70, Martin discussed how many low-income retirees could be entitled to benefits.

The founder of MoneySavingExpert.com (MSE) explained that pensioners meet the criteria for receiving the payment if their weekly income is less than £201.95 if they are single, or £306.85 if they have a partner.

Eligible pensioners can be increased to a ‘full’ state pension of £203.85 per week, although this is not guaranteed. It can also lead to other benefits, such as a cost of living support of £600.

Martin claimed around 800,000 Britons could miss out on the pension credit, which is worth an average of £3,500 a year.

He said: ‘You get your state pension, it’s not the full pension, and you’re on a low income, please check if you’re one of the 800,000 people in the UK missing out on pension credit.

“This really is a bit of a national tragedy because these are some of the poorest people in the country, who have been paying into the system for years and are not getting the top-up on their state pension that they are entitled to.

‘So here’s my rough rule of thumb: if you’re a single pensioner with a total income of less than £220 a week, or a couple both of state pension age with a total income of less than £320 a week, then you should checking you – I’m not saying you get it, just that it’s worth checking… This is worth an average of £3,500 a year.

‘It is not to be sniffed at. Some people get there and find themselves going through it and they go, it’s not worth it. Wrong.

“Even if they just tell you it’s worth a few pence a year, retirement credit is an access advantage.

‘If you get it, you’ll be entitled to the remaining £600 living expenses. Help with the tax authorities, help with the water bill, dental help… when you get pension credit, a huge door to other rights opens for you.’

To qualify for a pension discount, your AOW benefit must be below a certain benefit limit.

You can submit your application up to four months before you reach state pension age.

When you reach state pension age, you can apply whenever you want, but it’s only retroactive for three months.

This means that you can get up to three months of pension credit with your first payment if you were eligible during that period.

You must provide your BSN number and provide information about your income, savings and investments.

You must also enter your bank account information if you choose to apply by phone or mail.

The money-saving expert’s ITV programme, The Martin Lewis Money Show Live, returned to TV screens last night for a two-episode run

If you are backdating your claim, you will need information about your income, savings and investments on the date you want your claim to start.

When you sign up via Gov.uk or the Pension Credit Helpline, you will be asked a series of questions related to where you live, income and savings.

Once you’ve answered these questions, a summary screen will show your answers so you can go back and change any answers before submitting. The Pension Discount Calculator then shows how much supplement you can receive each week.

Then follow the link to the application page to find out exactly what you’ll get from the DWP, including access to other financial support.

There’s also the handy ability to print out the answers you give using the calculator, so you don’t have to search for the same details again.