Experts have revealed many pensioner’s aren’t receiving the maximum sum they could in their state pension.
This is down to many pensioners not realising they qualify for benefits.
HUB Financial Solutions’s survey of pension age Britons found 52 percent of homeowners had never checked whether they were entitled to State Benefits.
Many believe they felt their savings, income, or the property of their home would prevent them from qualifying for any benefits.
Simon Gray, Managing Director of HUB Financial Solutions, said: “Official figures show that more than £3 billion of pensioner benefits go unclaimed each year by more than a million households.
“The question is why so many people are not checking their eligibility and potentially missing out on some of the billions we know is going unclaimed.”
You can check if you are eligible on a number of online tools. They include Entitledto.co.uk.
There are other ways you can increase you state pension, including plugging holes in your national insurance record.
You now need 35 years of national insurance contributions to get the maximum state pension, which is currently £164.35 per week (2018/19).
You can plug up years of missing national insurance payments.
The government said: “You can usually pay voluntary contributions for the past 6 years. The deadline is 5 April each year.
You can also increase your pension by delaying your state pension.
PensionBee experts told Express.co.uk: “Delaying your State Pension by just a few weeks could result in you receiving a higher weekly State Pension amount, or even a lump-sum payment. The amount you’ll qualify for depends on when you reach State Pension age.”
If you reached State Pension age before 6 April 2016
Your State Pension will increase by around 1 per cent for every 5 weeks you defer, totalling 10.4 per cent for every full year.
For 2018/19, the basic State Pension is £125.95 a week or £6,549.40 a year. If you delay taking your pension for just one year your State Pension will rise to £139.05 a week, or £7,230.60 a year.
If you reached State Pension age before 6 April 2016 you could qualify for a lump sum payment if you defer claiming your State Pension for a minimum of 12 months.
That means you could take a lump sum of around £6,713 (including interest of 2 per cent above the Bank of England base rate), when you defer the basic state pension of £125.95 a week for a year.
If you reached State Pension age after 6 April 2016
If you’ve reached State Pension age relatively recently, you’ll see less of an increase as the new State Pension is already higher than the basic State Pension amount referenced above.
Your State Pension will increase by around 1 per cent for every 9 weeks you defer, totalling 5.8 per cent for every full year.
If you receive the new State Pension of £164.35 a week or £8,546.20 a year in 2018/19, your pension will rise to £173.89 a week, or £9,041.88 a year when you defer taking your pension for a year.
If you’ve reached State Pension age after 6 April 2016 you won’t be eligible for a lump sum payment.