New figures by the Department of Work and Pensions (DWP) revealed that nearly 3.29 million people were receiving Pension Credit in March.
These individuals, representing 2.7 million households, receive Pension Credit of an average £41.47 a week.
In the first quarter of the year, 65,000 individuals took up Pension Credit for the first time.
Nearly two-and-a-half individuals are financially better off because they receive Pension Credit.
According to Pensions Minister Stephen Timms, Pension Credit is an immediate and effective way of getting money to those who need money the most.
"The additional money has helped this government lift nearly two million pensioners out of absolute poverty reducing the scandal of pensioner poverty by nearly two-thirds," he said.
He said the DWP would continue to work with voluntary organisations and stakeholders to improve take-up of Pension Credit among groups that are harder to reach.
Pension Credit guarantees everyone aged 60 and over of an income of at least £109.45 for single people and £167.05 if you have a partner.
In addition to Pension Credit, extra amounts are added for those who have relevant housing costs, severe disabilities or caring responsibilities. Rewards for those who have saved are also additional.
Over 3 million receive Pension Credit
Pensions Quote Line
0845 108 0505
Over 3 million receive Pension Credit
Tue, 21 Jun 2005
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Government will protect pension holders - Tue, 06 Jan 2009 |
| Pension investors told to consider hotel rooms - Wed, 24 Dec 2008 |
| Pensioners will see a boost to their income - Mon, 15 Dec 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.