Millions of pensioners could be missing out on £650 cost of living payment

Around a million pensioners could be missing out on the government's £650 cost of living payment.

Chancellor Rishi Sunak unveiled a £10bn rescue package to help curb the cost of living crisis for Brits.

Speaking in the House of Commons, he said on average each UK household would get £550.

Mr Sunak also announced a £400 energy discount for every household and a £150 extra one-off disability payment.

Among the help is a one-off £650 payment for more than 8million people on means-tested benefits.

This includes Universal Credit, pensions credit, housing benefit, jobseekers' allowance and income support.

But Jon Greer, head of retirement policy at Quilter, said up to a million pensioner households are not claiming the £650 payment.

He said: "According to Age UK, nearly a million pensioner households are entitled to but do not receive normal Pension Credits and so could miss out on the additional £650 payment."

Pension credit is designed to helped retired Brits on a low income by giving them extra money to help with living costs.

How much you receive depends on your circumstances, whether you have a partner, are disabled and whether you care for young children.

The maximum basic allowance is currently £182.60 for single people and £278.70 for couples.

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But DWP figures from February 2022 show there were 72,000 fewer recipients of normal pension credits than in the previous year.

Retirees need to actively claim Pension Credits, the benefit is not paid automatically.

Some pensioners are not aware of the benefit, don't think they would qualify, or are reluctant to claim help.

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Recently, a Martin Lewis fan tracked down his lost pension worth £39,000.

The reader, known as Lance, said: "I used the information on your site to search for any old pensions I might have had years ago.

"I didn't think it would be a lot, but found I had a £39,000 pension with Scottish Widows. Thank you."

Fortunately you can also track down lost pensions yourself.

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