Home Business NewsBusiness Retiree who missed out on state pension learns he is owed £133k lump sum

Retiree who missed out on state pension learns he is owed £133k lump sum

by LLB Editor
7th Aug 19 9:54 am

A pensioner who thought he wasn’t entitled to a state pension has been awarded a backdated windfall of £132,800 after a chance conversation with an equity release company.

Peter Williams, aged 76, missed out for a staggering 11 years during which time he was forced to stop going to his local pub and travelling on holiday to Spain and Portugal to save money.

Peter had to make ends meet on two workplace pensions, worth £234 and £275 a month respectively. 

Needing more income after spending his life savings and inheritance, he approached lifetime mortgage experts Responsible Life about equity release for his property — but in the course of routine enquiries, his adviser discovered Peter had been wrongly missing out on a state pension for over a decade. 

Peter had filled out his pension forms when he retired but, after not hearing back from the government, he assumed he was not eligible. 

His case is a stark reminder that all retirees should check their entitlements to avoid missing out. 

Peter, who lives in Cardiff, contacted Responsible Life so he could release equity from his home to update and decorate his property. 

Graeme Donegani, an adviser at the firm, visited him and asked about his state pension as part of a routine benefits check the firm conducts with customers. After learning Peter had not received anything, he phoned the state pension claim line with Peter to discuss the situation.

It was only then that Peter discovered he was entitled to £274 a week, starting immediately, along with a £132,800 payment for all the unclaimed years.

Graeme Donegani, an equity release specialist at Responsible Life, said: 

“Peter has no family at all and no-one to help with financial matters. He has willed his house to charity.

“Needless to say, there is no basis to proceed further with equity release but it does mean that his charities will benefit from the value of his house in full.” 

Responsible Life customer Peter Williams commented

“Words cannot describe the elation I feel. Graeme’s open-handed approach to my situation has changed my life and provided me with a very positive future.

“I no longer need to release equity in my property and will be able to live comfortably on my pensions.”

Steve Wilkie, Managing Director of Responsible Life, said: 

“It’s no exaggeration to say this money will change Peter’s life. It just goes to show all retirees need to make sure what their entitlements are, and if you make enquiries with the tax office no news isn’t necessarily bad news.

“This unexpected windfall also means he doesn’t need to release equity from his house and we couldn’t be happier for him.”

 

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