Pensioners are not claiming all of the pensions benefits on offer to them, a consumer finance company has revealed.
Research from Unbiased.co.uk has shown that £2.7 billion is not being picked up by people over the age of 65 in the UK.
The firm calculated that over one in five pensioners does not claim their credits, which means that every week they miss out on a government entitlement of around £120.
Unbiased.co.uk company chief executive David Elms added that the state of retirement in Britain at the moment is a "crucial problem".
"It seems that people are compounding the situation – be it through apathy or confusion – by failing to claim vital sources of retirement income in the form of tax credits," he said.
Earlier this year, then-chancellor Gordon Brown announced that he was to axe pension terms assurance as part of this 11th and final Budget.
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