Cost of living: Millionaires will get up to £600 off energy bills

More than 11.6 million pensioners are willing to take out the Winteruel Payment over the next two months, which this year has been boosted by an extra £300 per household cost of living payment. The Winteruel Payment is between £100 and £300 and is paid to everyone over the state retirement age.

The Department for Work and Pensions (DWP) said the vast majority of payments will be made automatically to state pensioners, with money starting to be deposited into bank accounts from November 23.

Funds will appear on bank statements with a payment reference starting with the customer’s National Insurance number followed by “DWP WFP” for people living in England, Scotland and Wales, or “DFC WFP” for people in Northern Ireland.

Most payments will be automatic in November or December, but some people may need to file a claim, such as those who qualify but do not receive benefits or a state pension and have not previously received a winter fuel payment, the DWP said. Anyone who has not received a payment by January 13, 2023 is advised to contact the Winteruel Payment Center.

More than 11.6 million retirees are willing to take winter fuel payments over the next two months (Photo: Adobe)

Work and Pensions Secretary Mel Straide said: “We want to do everything we can to support pensioners who are often the most vulnerable to higher costs. That’s why we’re giving all retired families an extra £300 plus winter fuel payments to heat their homes and stay warm this winter.” .

More than seven million payments of £324 have already been made this month to low-income families as part of the state’s cost of living support, including pensioners receiving pension credit.

The average Pension Credit award is worth over £3,500 per annum and for pensioners who may be eligible but have not yet applied, there is still time to do so and qualify for an additional payment of £324. This is because pension credit claims can be retroactively dated for up to three months, provided eligibility conditions are met throughout that time.

To ensure that a successful retrospective claim falls within the eligible period for the £324 additional cost of living assistance, pensioners are urged to claim the Pension Credit as soon as possible and no later than 18 December. An online pension credit calculator is available to help retirees check if they are likely to qualify and get an estimate of what they may receive.

More cost-of-living payments in the future

It comes as additional living support costs are due to be paid next year following Chancellor Jeremy Hunt’s autumn statement last week. The payments will include a £900 increase for families on finances test benefits, a further £300 for families of pensioners, as well as a £150 payment for people on disability benefit.

It was also confirmed in the autumn statement that retirees will be heading for a 10.1% increase in the state pension from next April, after Hunt confirmed that the triple pension lock was protected.

The all new state pension is £185.15 per week, so an increase of 10.1% would push that figure to £203.85. or those on the full old basic state pension, who reached retirement age before April 2016, the increase means a weekly increase from £141.85 to £156.20.

The triple lock is usually used to calculate the increase in the state pension, but has been temporarily suspended due to the distorting effects of the Covid epidemic.