Pensioners seeking equity release failing to claim state benefits

Wednesday, 6th June, 2012

Research from Just Retirement Solutions, the specialist financial advice arm of the Just Retirement Group, reveals that more than half of the customers seeking advice on equity release are failing to claim any or all of the state benefits they are entitled to. Just Retirement’s research found: 20% were failing to claim any benefit, up from 18% in 2010 On average these people are losing £872 a year, with the biggest loss £8,766 34 % are receiving some, but not all their benefits, up from 26% in 2010 On average these people are losing £676 a year, with the biggest loss £1,408 Stephen Lowe, director at Just Retirement, says: “The figures provide more compelling evidence of a ‘squeezed middle’ who are finding it hard to make ends meet. “They tally with official figures showing it is mainly home owners on low incomes who are missing out.” Earlier this year, the Department of Work and Pensions released figures showing that at around one-third of those entitled to Pension Credits fail to claim. The total income lost is between £2bn and £2.8 bn a year. Its figures show that of those who fail to claim, a whopping 78% are owner occupiers. Here at Complete Mortgages we complete a full benefits assessment for all clients that are taking out an equity release mortgage, and we have had cases where our clients were entitled to benefits for which they had not been claiming. As a consequence, they now receive these benefits and would probably never had know about them unless we had informed them about it. For equity release mortgage advice please call the Complete Mortgages head office in Guildford, Surrey on 0845 658 6060 / 01483 233014.