THE UK’s poorest pensioners receive an average of £2,600 less a year in state support than the richest, according to research.
The worst-off fifth of pensioners, who rely on benefits for nearly 90 per cent of their income, receive £7,644 a year on average in support from the government.
This is on top of just £1,248 in other earnings, leading to an yearly income of £8,840.
In comparison, the richest pensioners receive state support amounting to £10,244 on average, despite their other income being almost £23,000 higher per year, according to research by Just Group.
The financial services firm analysed Department for Work and Pensions income data for 2015 to 2018.
The second-richest group of pensioners receive the most state support on average at £11,700 – £4,056 more per year than the poorest.
The Joseph Rowntree minimum income standard, a common measure for a decent standard of living for pensioners, currently sits at £10,452 a year.
Just Group said the poorest pensioners could be receiving the least state support on average because they’re less likely to qualify for the full state pension.
Plus, separate research by Just Group has found that many aren’t claiming all the benefits they’re entitled to.
To make sure you’re not losing out, check out these free benefits calculators that will give you an indication of what you may be entitled too.
Stephen Lowe, group communications director at Just Group, said: “We found that half of all pensioner homeowners are not claiming any benefits beyond the state pension and a further fifth are not claiming their full entitlement.
“Many assume that because they own their property they are not entitled to extra support, but we would
encourage all retirees to check whether they are eligible to additional income which could be worth thousands of pounds each year.”
“Poorer pensioners may also be less likely to receive full state pension and, if they were lower earners while working, they could also have missed out on additional state pension.”
Women are £106,000 worse off than men in retirement due to lower paid jobs and part-time jobs, research found last week.
Hundreds of thousands of women could also be entitled to an extra £129 a week in their pension pot.
Plus, we explain how to boost your state pension by up to £250 a year.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at firstname.lastname@example.org