“There is no doubt in our minds that many unsuspecting pensioners will face a heavy financial penalty for having a younger partner and this will undoubtedly affect the health and wellbeing of many of those couples.”
What does this mean for you?
If your retirement is on the horizon and your partner is older or younger, you may have to claim Universal Credit until you’ve both reached the state retirement age.
The personal allowance for a couple claiming Universal Credit will be roughly £114.80 a week – a significant drop from the £255.25 a week you’d receive from Pension Credit. This adds up to a huge £7,300 a year, which in turn could be costing you a total of over £35,000 if you have just a five-year age gap.
If you’re in a mixed-aged couple and already claim Pension Credit, you won’t be affected by these new rules.
However, if there’s a break in your claims – even if it’s just for one day – you may not be able to return to the old benefits.
Our key tips
The new rules kick in on 15 May, so there’s still time for mixed-aged couples to claim their pension benefits and receive them.
Couples eligible before 15 May will still be able to make a backdated claim for Pension Credit up to 13 August 2019.
Act now – if you’re coming up to retirement age, Age UK advise to act fast to claim your Pension Credit as soon as possible
Don’t make a break in your claims – if you’re already on the old benefits, it’d make sense to keep on track to avoid facing the new rules
Disclaimer: All information and links are correct at the time of publishing.