Until 1/8/2020, free TV licences were a Universal Benefit to which all those aged over 75 were entitled. The BBC has confirmed that from that date around 5 million people in the UK over the age of 75 are losing their automatic right to a free TV licence and many will have to pay £157.50 a year.
A key exception is those aged over 75 who get Pension Credit (wither guarantee credit or savings credit).
Pension Credit is means tested and tops up low income, usually the State Retirement Pension and works/ occupational pensions.
Capital does affect the benefit for amounts above £10k. For every £500 above £10k in capital it's as though that person already has an extra £1 per week in income(called tariff income). Unlike some other means tested benefits for people of working age, there is no strict upper capital limit.
Encourage people to claim- Pension Credit is one of the most underclaimed benefits-
6 out of 10 of those entitled to Pension Credit claimed the benefit this equates to up to 1.2 million families missing out
and £2.5 billion per year(on average £2000 per household) Take-up of Pension Credit was lowest amongst couples: Just over half of those entitled received the benefit.
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