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Daily Record
11-06-2025
- Business
- Daily Record
Simple ways older people can top-up their income or reduce outgoings this summer
Checklist of benefits and discounts only available for people over State Pension age. Some 13 million people have now reached State Pension age across Great Britain, including over 1.1m living in Scotland. Many of those in retirement rely on the contributory benefit as their main source of income which now provides essential financial support of up to £921 every four weeks for 4.1m people in receipt of the New State Pension. Some 8.8m retirees are receiving up to £705.80 every pay period through the Basic State Pension. However, many pensioners may not be aware of more than a dozen ways they might be able to boost their current income over the summer, including checking for unclaimed benefits and looking at discounts or reductions on their Council Tax. The biggest income boost comes through Pension Credit, which is worth £4,300 a year on average and currently takes around 50 working days to process, which would see first payments for successful claimants arrive before the end of August. To make it easier for people to understand and claim these benefits, discounts or reductions, the MoneyHelper website has compiled a comprehensive list along with quick eligibility checks to ensure older people are accessing essential support in later life. The easiest way to check eligibility for any benefit, discount or reduction is to use an online benefits calculator - find out more about these here. If you have an older family member or friends who do not have access to the internet, or is not familiar with using a computer, give them a hand to ensure they are not missing out on additional financial support in 2025. Benefits for people over State Pension age Benefits and discounts available in retirement include: State Pension Pension Credit Help with Council Tax Help with heating costs - eligibility for some may require a relevant qualifying means-tested benefit Health benefits - Attendance Allowance, Pension Age Disability Payment Travel and TV benefits Benefits for war widows and widowers State Pension The State Pension gives you a regular taxable income for the rest of your life as soon as you reach State Pension age and make a claim for it. Some people choose to defer this while they continue to work. It's not means-tested, but the amount you get depends on how many qualifying years of National Insurance Contributions or credits you've built up. You need at least 10 years' for any State Pension payment and around 35 for the maximum amount - this may be more for people who were 'contracted out', find out more here. State Pension weekly payment rates 2025/26 Full New State Pension: £230.25 Full Basic State Pension (Category A or B): £176.45 Pension Credit Pension Credit currently gives 1.4m people across the UK - including over 125,000 in Scotland - extra money to help with living costs if they are over State Pension age and on a low income. It is a 'passport' benefit providing on average around £4,300 each year in financial support, acting as a 'gateway' to Council Tax discounts, help with housing costs and NHS discounts along with free TV Licences for the over-75s. Try the Pension Credit Calculator on for yourself or a family member to make sure you're receiving all the financial support you are entitled to. You can also call the Pension Credit helpline on 0800 99 1234. Help with Council Tax Whether you own your home or rent, you could be eligible for support from your local authority to help you pay your Council Tax. Contact your local council to ask about support with Council Tax - find out more here. Insulation and heating schemes There are a number of schemes that install insulation and heating improvements to make your home more energy efficient. You're likely to be eligible if your home is poorly insulated or doesn't have a working central heating system, and if you receive any of a range of income-related benefits including Pension Credit. Find out more from Home Energy Scotland here or by calling 0808 808 2282. Health benefits Everyone in Scotland is entitled to free prescriptions. Find out more about free dental treatment and refunds for travel to hospital appointments here. Disability and care benefits A number of benefits are available to people who have disabilities, long-term health conditions or specific care needs. These benefits include: Personal Independence Payment (PIP) - if you're under State Pension age, if you reached State Pension age while claiming PIP this will continue Adult Disability Payment - replacing PIP for people living in Scotland Disability Living Allowance (DLA) - you will need to have been already claiming this before you reached State Pension age Attendance Allowance - if you're over State Pension age and have not claimed DLA or PIP Pension Age Disability Payment (PADP) - a new benefit that has now replaced all new claims for Attendance Allowance in Scotland. Find out more here. We have dedicated sections on the Daily Record website for each of these benefits: Travel concessions If you are over 60 or disabled find out about travel concessions on the Transport Scotland website here. Free passport If you were born on or before September 2, 1929, and are a British national, you could be eligible for a free passport. Find out more and how to apply on the website here. Free / Discounted TV Licence You now have to pay for your TV licence unless you are getting Pension Credit. People over State Pension age may be able to get the TV Licence for half price if they are registered as severely sight-impaired or blind. Check out the MoneyHelper Advice Service TV licence guide here to find out if you're eligible. Benefits for war widows and widowers If your husband, wife or civil partner died or were injured or became ill as a result of their service in Her Majesty's (HM) Armed Forces, or during a time of war before April 6, 2005, you might be entitled to a War Widow's or Widower's Pension. If they died or sustained an injury or illness due to serving in a conflict after April 6, 2005, you might be entitled to compensation through the Armed Forces Compensation Scheme. here. Medical costs for war pensioners If you need medical treatment because you were disabled while serving in the Armed Forces, you could get help towards your medical costs for your accepted disability. War Disablement Pension If you were injured or disabled while serving in the Armed Forces before April 6, 2005, you can get extra help towards your pension. Find out more about War Disablement Pension on the website here . Age Scotland also have a full list of benefits, discounts and support older people may be entitled to claim, find out more on their website here.
Daily Record
03-06-2025
- Business
- Daily Record
Top 10 tips to help start taking control of your finances before summer
Some employers also offer free financial advice on pensions, savings and cost of living. The beginning of 2025 has brought a sense of financial uncertainty for many. Developments such as new trade tariffs under Donald Trump and the rise in National Insurance have placed added pressure on businesses, with some facing difficult decisions including the possibility of redundancies. At the same time, ongoing global conflicts continue to contribute to wider concerns about the future. These factors combined with the high cost of living, can make it difficult for people to gain control over their finances. Research from WEALTH at work - a leading financial wellbeing, retirement and workplace savings specialist - found that the biggest financial concerns for the year include not having enough savings for unexpected costs (42%), not being able to save enough for the future (37%), not being able to pay basic living costs such as rent, mortgage payments, energy bills, food etc. (34%) and being in debt (29%). Jonathan Watts-Lay, Director, WEALTH at work, said; 'Many people are continuing to feel the financial squeeze on household income. However, it's important to not bury your head in the sand and access the support available to get on top of their finances. 'Most would benefit from having a better understanding of money but are confused where to start. Proactive employers are actively working to help employees improve their financial future by providing a range of financial wellbeing support. This includes financial education and guidance through financial coaches, as well as access to savings vehicles such as Workplace ISAs or Share Plans to build financial resilience. 'This can make a huge difference by giving people the opportunity to understand their finances, including ways to save money, learn about budgeting, manage debt, and how to boost savings and prepare for retirement. So, it is always worth speaking to your employer to find out what help is available.' However, there are steps people can take to improve their financial situation. To help, WEALTH at work has listed 10 tips to help people take control of their finances before summer truly starts. Create a budget The first step is to create a budget. This means working out exactly what your income is, and what outgoings you have e.g. mortgage, debt, childcare, insurance and utility bills. If the amount of money needed each month is more than the amount coming in, you can then work out what action needs to be taken to cover the costs. MoneyHelper has a great budget planner here. Track finances After creating a budget it is important to keep track of spending. Small changes such as ditching takeaways, taking lunch to work and learning to budget can make a huge difference. For example, the average household in the UK spends £1,278 on food at takeaways and restaurants each year. There are many free budgeting apps available which will help to track spending on groceries, eating out, entertainment etc. Make managing debt a priority There are many different types of debt with varying rates of interest. For example, credit cards and overdrafts can have rates of 18% – 40%. It is often a good idea to make paying off expensive debts a priority. For instance, a debt of £3,000 with a rate of 18% APR, could take 10 years and 10 months to pay off, if paying £50 a month, with a total interest paid of £3,495. If that monthly payment was increased to £100 a month, the debt would be paid off in 3 years and 4 months, and interest paid would be only £908. A good option could be to consolidate any debts into a 0% or low interest balance transfer card, as more money will go towards paying the debt off. This would allow it to be cleared over a shorter time period. Shop wisely By switching brands it might be possible to significantly reduce the price of a regular shop. In addition, by planning for the weekly shop in advance, it may help to search for deals and reduce expenditure on non-essential items. Discount vouchers are often available through voucher and discount websites, and some people have access to discount vouchers through their employer. This could mean big savings for those who need to make a costly purchase, such as if the washing machine breaks. Check for savings on household bills When shopping around, it is possible to make significant savings on a range of household bills such as car, home and pet insurance, and broadband and mobile suppliers. Price comparison websites can help to make it easier to compare the different deals available. Start an emergency fund Having money put aside for emergencies can reduce reliance on debt for unexpected costs such as car repairs, house maintenance or a reduction in household income. As a general rule of thumb, it's a good idea to aim for an emergency fund that can cover several months of bills. People should work out if they can afford to put some money aside each month, as even small amounts can add up. Setting up a regular transfer to a savings account can be a useful way of separating this money from regular expenditure. MoneyHelper offers a savings calculator to help determine how long it will take to reach a savings goal, here. Set up a savings standing order If people are able to save it is often a good idea to set up a standing order for saving into an ISA, often this means that they don't notice that the money is going into their savings. Start saving early Saving from a younger age means that money has more time to grow. ISAs are a great way to start saving and provide a tax efficient way to create an emergency fund, or for something you may want in the future. It is important to make sure that you're saving into a pension from early on and aren't tempted to opt out. Many are already paying 5% of their salary into their workplace pension through auto-enrolment, with an additional 3% employer contribution. However, we know that many employers will match any additional contributions (up to certain limits). In fact, if an employee is in their 20s, by saving an extra 1% a year with their employer matching this, it is possible to increase their pension pot in retirement by 25%. Beware of scams Scammers can often prey on people when they may be more vulnerable such as if they are struggling financially. Fraudsters can sound completely legitimate and it's easy to see why so many are fooled. Research from WEALTH at work found that 12% of UK adults have admitted to losing money to a financial scam between 2023 and 2024. This could potentially equate to 6.2 million adults across the UK. If someone contacts an individual with an offer which seems too good to be true, it's vital they check whether the company is registered with the Financial Conduct Authority (FCA). The FCA's ScamSmart website is also a good site to visit as it includes a warning list of companies operating without authorisation or running scams. Take action People shouldn't worry if they don't know where to start, as there is plenty of help available. It's always worth speaking to lenders too as they may be able to help those struggling with repayments and Citizens Advice can help with understanding on how to deal with any debts. Many leading employers are also a great source of support and offer financial education and guidance to help with a full range of money matters, as well as providing access to savings vehicles such as ISAs and Share Plans to help build financial resilience.
Daily Mirror
30-05-2025
- Business
- Daily Mirror
People over state pension age may be due benefits worth thousands
There are a range of discounts, benefits, and grants available to those over the state pension age - and you could be eligible without even knowing it There are 13 million people over the state pension age of 66 in the UK. But only 1.7 million receive the full new state pension of £230.25 per week. As a result, potentially millions may be unaware of the additional support, benefits and discounts they are owed. The official MoneyHelper website has compiled a list of bonuses that could supplement your retirement income, without affecting state pension payments, as reported by the Daily Record. One of the first points to check is your state pension. Recent errors have resulted in people being underpaid by thousands in their state pensions, so checking your National Insurance record could provide a hefty increase in your retirement income. You need a full 35 years of National Insurance contributions to receive the £230.25 per week and at least 10 to qualify for any of the new state pension. If you are not receiving the full state pension amount, you might be eligible for Pension Credit. This income supplement can add £4,300 each year and also grants access to a variety of other benefits and discounts, such as a free TV licence for those over 75. provides a Pension Credit calculator which can help determine if you're eligible for this support. Currently, Pension Credit is one of the most underclaimed benefits, with eligible individuals missing out on approximately £1.5 billion each year. A variety of health benefits are available to help cover the extra costs associated with illnesses and disabilities, some of which are exclusively for individuals over the state pension age. If you claimed PIP or DLA before reaching the state pension age, you might still be eligible to continue getting your award until it expires. On the other hand, Attendance Allowance is made specifically for disabled or ill people over the state pension age. It can range from £73.90 to £110.40 per week, depending on the level of assistance or supervision required. Beyond the benefits system, there are numerous discounts available for those over the state pension age. This includes assistance with council tax, regardless of whether you rent or own your property. If you receive a disability or carer's benefit or the Guarantee Credit part of Pension Credit, you could be entitled to a larger council tax reduction. The latter might even cover your entire council tax bill. Another discount available to those over the state pension age is a free passport. To qualify, you must have been born on or before 2 September 1929 and be a British national. Lastly, a variety of travel concessions and schemes are available to those aged 60 and above. These include the 60+ London Oyster photocard, the Freedom Pass, Senior Railcards and free bus passes.
South Wales Argus
29-05-2025
- Business
- South Wales Argus
Average wedding guest spends nearly £700 on celebrations
The Money and Pensions Service (MaPS) found that each guest averages a spend of £692, including travel and accommodation, new clothes, and presents. Most guests attend three celebrations annually, accumulating costs of more than £2,000. This expense is significantly higher for people aged 25 to 34 who attend six celebrations per year, with their costs rising to nearly £4,500. In Wales, the strain of these expenses is no less significant. Wales manager at the Money and Pensions Service Lee Phillips said: "Attending a wedding or civil partnership can put a strain on your finances, as the cost of gifts, travel and accommodation, new outfits, and childcare can really start to add up, especially as celebrations can go on for 2-3 days. "To support managing your money around expensive milestones, use MoneyHelper – particularly ahead of the spring and summer which is considered the peak season for these celebrations."
BBC News
29-05-2025
- Business
- BBC News
Breathing Space
Imagine you're stuck in a leaking boat. Water is pouring in, you're exhausted, panicking, and feel like you're about to imagine someone throws you a lifeline — they patch the holes, give you a moment to breathe, and let you rest while a support team comes to help fix the boat what the Breathing Space scheme is. It doesn't magically erase your debt — but it stops the pressure. No calls from creditors, no new interest piling on, no court action. Breathing Space protects you while you seek debt advice and work towards a debt solution with a regulated debt adviser. It lasts for up to 60 days, and you can apply for it once every 12 more information on how the government scheme works, click here, find out more information, including eligibility criteria, how to apply, and details for the Mental Health Crisis Breathing Space scheme click here , externalto visit the StepChange website and here, external for the MoneyHelper find a free regulated debt adviser, click here, watch Laura's previous item on Individual Voluntary Arrangements and Debt Relief Orders, click on the below link to watch back on BBC iPlayer.
