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Power payments: Will all pensioners get £300, are you eligible? | Private Finance | Finance

Energy bills: Will all pensioners get £300, are you eligible? | Personal Finance | Finance

Chancellor Rishi Sunak, has introduced that pensioners will obtain a one-off cost of £300 to ease the price of dwelling disaster. These eligible will probably be given the funds to assist with power payments later this 12 months, however are all pensioners entitled to the cash? Right here’s the whole lot it’s essential to know concerning the assist funding, together with how it’s paid and who will profit from it.

Will all pensioners get £300 for power payments?

Mr Sunak has introduced that focused assist for pensioners, alongside different susceptible teams, will probably be made accessible later this 12 months within the type of a one-off cost.

The funding will assist thousands and thousands of pensioners who’re “disproportionately impacted by larger power prices”, following the April power value cap rise and the hovering price of inflation.

Greater than eight million pensioners are anticipated to profit from the additional cash, although it’s going to solely be given to those that are eligible for a winter gasoline cost.

READ MORE: Rishi Sunak broadcasts eight million will get one-off £650

In a press release learn earlier than Parliament earlier right this moment, the chancellor mentioned: “So, I can announce right this moment that, from the autumn, we are going to ship over eight million pensioner households who obtain the Winter Gasoline Fee – an additional, one-off Pensioner Value of Residing Fee of £300.”

There are two primary standards that have to be met to qualify for a winter gasoline cost.

In accordance with gov.uk, you’ll be able to obtain this funding if:

You had been born on or earlier than 26 September 1955You lived within the UK for not less than in the future in the course of the week of 20 to 26 September 2021 – that is known as the ‘qualifying week’

When will pensioners obtain the funds?

There isn’t a particular date which has been set for pensioners to obtain the cost, although Mr Sunak advised MPs within the Home of Commons that will probably be delivered “from the autumn”.

If the additional funding coincides with the winter gasoline cost, pensioners ought to anticipate it round November or December, as that is when “most funds are made routinely”, in keeping with gov.uk.

The cost may very well be made as early as October if the Authorities chooses to implement it alongside the second rise within the power value cap this 12 months.

In accordance with Ofgem’s chief govt, Jonathan Brearley, {that a} additional power value cap rise will happen in October, bringing the present cap as much as someplace “within the area of £2,800”.

Who else will obtain assist with dwelling prices?

Disabled individuals and people receiving advantages may even profit from additional monetary assist later this 12 months.

Along with the one-off pensioners cost, Mr Sunak introduced a one-off £650 cost for greater than eight million low-income households on advantages.

This will probably be paid in two instalments in July and autumn, alongside a £150 cost to anybody receiving incapacity advantages which will probably be paid by September.

Mr Sunak mentioned: “It is a important set of interventions to assist essentially the most susceptible in our nation.

“We are going to legislate to ship this assist on the identical phrases in each a part of the UK – together with Northern Eire.

“And, taken collectively, our direct money funds will assist one third of all UK households with the price of dwelling, assist price over £9bn.”

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