A staggering number of UK citizens are missing out on benefits and unclaimed funds, with pensions, premium bond prizes, and child trust funds amongst the most overlooked.
A recent call to attention has indicated that many UK citizens might not be claiming money and benefits due to them. Research from Just Group has revealed that approximately 80% of pensioner households do not claim benefits they are eligible for, with an average unclaimed amount of £1,231 per year. These benefits include pension credit and council tax reductions.
There is also a significant sum of unclaimed premium bond prizes, totalling over £81 million, as reported by National Savings and Investments. Some of these unclaimed prizes are substantial, including six £100,000 wins, with unclaimed bonds dating as far back as 1957. Often, these funds remain unclaimed due to changes in address or oversight of existing accounts.
Concerning lost accounts, the free service ‘My Lost Account’ helps individuals trace forgotten bank and building society savings. Meanwhile, couples could save up to £252 annually through the marriage allowance, which permits the transfer of a portion of personal tax allowance to a higher-earning spouse.
Child Trust Funds are also highlighted as an area with substantial unclaimed funds. MPs estimate that there are over 900,000 unclaimed accounts holding more than £1.7 billion. Services like The Share Foundation and HMRC’s online tool are available to assist young people in locating any funds due to them.
Additional benefits often not claimed include the attendance allowance, high-income child benefit charge, various council tax discounts, pension credit, and bereavement support. Online resources such as entitledto.co.uk, Turn2us, Citizens Advice, and Age UK provide calculators and information to help the public understand their entitlements to state benefits.
The existence of unclaimed funds and unaccessed benefits underscores the importance for individuals to review potential entitlements, particularly during challenging economic conditions where every bit of financial support can have a significant impact on managing the cost of living.