UK - Some £750m in council tax benefit goes unclaimed each year by pensioners unaware of their entitlements, according to the Department of Work and Pensions (DWP).
In a national advertising campaign launched today, pensioners will be urged to enquire about their eligibility in an effort to increase take-up.
The DWP says up to four in ten pensioners fail to apply for council tax benefit with less than half of all home-owners, many of whom are pensioners, claiming the money they are entitled to.
Council tax benefit minister Chris Pond said: “My message to pensioners is – don’t pay more than you need to. If in doubt, there’s no harm in checking – contact your local council to see if you are entitled.”
Jeremy Beechman, vice chair of the Local Government Association, said: “Despite major efforts from councils to promote council tax benefit, take-up especially amongst pensioners is still too low – with around £1bn a year left unclaimed overall.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.