Ethical Retirement Savings (and Pension Credit)
Millions of pensioners in England miss out on an extra £11,000 a year, because they don’t apply for Pension Credit. This then entitles them to other benefits, so always help people without Internet access, to help them claim for Pension Credit, and the benefits.
This benefit tops up weekly income for people over state pension age, if they are on low income. The amount you get depends on your circumstances, savings, and income.
If you qualify, you could also get a Council Tax reduction, housing benefit, a free TV license, support with NHS dental and optical costs, and will also qualify for Winter Fuel Allowance (around £300 a year). You don’t have to have massive savings to qualify, so it’s worth checking.
The state pension varies (often dependent on National Insurance contributions). So ensure you are getting additional benefits (including disability benefits) and ask for 3 months back-pay (it won’t be offered automatically.
It’s also good to switch to an ethical pension so your funds are being invested wisely. Around £3000 per pension holder is invested in fossil fuel companies that is making the climate crisis worse.
Make My Money Matter reports that £2 out of every £10 in the UK is invested in companies linked to global deforestation, mining, logging and tobacco. Which collectively chop down 10 million hectares of trees each year. Sign their petitions to make the changes.
Be careful with equity release
Equity release is when people sell a share of their home, in return for instant money. However this is very complicated and there are lot of pitfalls. If you go down this route, don’t pay for equity release advice. StepChange (a debt charity paid for by industry) offers trustworthy and expert advice, for free.
Taking a lump sum could also affect eligibility for means-tested state benefits.
Keeping warm (without winter fuel allowance)
If you no longer qualify, don’t ‘turn down the thermostat’ to reduce bills, this could cause hypothermia for people & pets).
If using portable radiators, choose oil-powered ones that heat up slower but are more comfortable and safer than fast-blowing fan heaters (which can cause heatstroke for people & pets and cost a fortune to run).
For older people living in big draughty homes, take the quiz at Carbon Savvy to reduce energy bills for uninsulated homes (your local council may be able to offer grants).
Social Market Foundation (a progressive think-tank) wants to replace the Winter Fuel Allowance with a modernised Warm Home Discount, which would stop millionaire pensioners receiving it, but help those who now have nothing. It would tier to help 1.4 million more households.
Radflek is a £25 (pack of 3) booster to reflect 95% of wasted energy that often goes through the wall and into the fresh air. It’s simple to use, to reduce heat loss by half, and also reduces bills. Designed to last at least 5 years, it simply hangs from wall brackets, for radiators that have gaps between them and walls.
If you have unique radiators (like brackets that sit higher) their FAQ page has answers for best fitting. The company can also supply for commercial use (say for hospitals, hospices and care homes).
