Ladies on pensions as little as £1 per week might be owed ‘lottery-winning’ sums in again funds

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2021-04-08 17:10:00

Ladies receiving a pension of as little as £1 per week might be owed sums equal to lottery wins, in accordance with a former pensions minister.

As many as 5,000 ladies might be owed 1000’s of kilos in backdated funds, mentioned Sir Steve Webb, who’s now a companion at consultants LCP (Lane Clark & Peacock).

Sir Steve estimated the overall invoice to be 1 / 4 of a billion kilos if all these eligible made claims, however warned some might be missed by information searches presently being carried out by the Division for Work and Pensions (DWP).

Ladies he is helped not too long ago included one who was entitled to £56,000 in again pension, one other to £33,000, and a 3rd to greater than £60,000.

Some ladies had been till not too long ago on pensions of solely round £1 per week, he mentioned – and below a little-known rule are allowed to say again pension to earlier than a 2008 rule change that prevented many married ladies from doing so.

The ladies who qualify for this particular concession are these with no fundamental pension, however who at the moment are receiving a tiny quantity of graduated retirement profit (GRB).

Three predominant components made up the previous state pension system:

• A fundamental state pension

• An earnings-related pension

• An older GRB, which ran from 1961 to 1975

The eligible ladies can now make a backdated declare again to when their husband turned 65, Sir Steve mentioned.

Amongst these to have benefited is Carole Davies, whose husband retired in 2005.

“After 4 months of searching for solutions from the DWP we enlisted the assistance of Sir Steve and, to my amazement, the DWP have now confirmed all my due monies will come to me,” she mentioned.

“I might advise all ladies in my place to hunt recommendation and push exhausting for all the pieces they’re due as it’s their proper.”

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In March, paperwork revealed within the chancellor’s price range confirmed 1000’s of girls who had been underpaid the state pension had been in line for top-ups, with the invoice put at round £3bn.

However Sir Steve mentioned the group of 5,000 ladies had been more likely to be missed by the DWP’s information search – and they need to contact the division as quickly as doable to see in the event that they had been owed cash.

He mentioned: “It’s unbelievable that there are millions of ladies getting such tiny pensions, however much more unbelievable that many might probably be entitled to tens of 1000’s in again funds.

“It’s as if they’re sitting on unclaimed profitable lottery tickets.

“It is extremely necessary that ladies on these very small pensions make contact with the DWP as quickly as doable to see in the event that they might be entitled to a windfall.”

A DWP spokesman mentioned: “The motion we’re taking now will right the historic underpayments which have been made by successive governments and anybody impacted will likely be contacted by us to make sure they obtain all that they’re owed.”

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