It is available to many people who were born on or before October 6, 1954, and should be issued automatically in most cases.
However, there are eligibility rules to bear in mind when it comes to the Winter Fuel Payment, and this could mean some lose out.
To be eligible, Britons must have lived in the UK for at least one day during the qualifying week of September 21 to 27, 2020.
But the payment is also available to expats living in Switzerland or a European Economic Area (EEA) who have what is known as a ‘genuine and sufficient’ link to the UK.
Winter Fuel Payment: Britons could get up to £300 - but warning some will miss out (Image: Getty)
| UPDATED: 22:20, Fri, Jan 8, 2021
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Britons who are currently experiencing very cold weather could be set to get a payment of £25 to help them through the period. The Cold Weather Payment scheme runs from November 1 to March 31 each year.
| UPDATED: 14:24, Fri, Jan 8, 2021
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Universal Credit is designed to provide aid to those on low income and individuals who are currently out of work. Understandably, then, the benefits system has been particularly relied upon during the COVID-19 pandemic, as many lost their jobs or saw an income reduction. But analysis from the charity Child Poverty Action Group (CPAG) has asserted one million households who were forced to claim Universal Credit when coronavirus struck are now entering 2021 with debt deductions taken from their payment.
“Taking advantage of the tax benefits of a stocks and shares ISA by using as much of your allowance as possible can also make a difference and offer more attractive returns than a regular savings account.”
As a third port of call, defining financial goals will help Britons to eventually reach these in the future.
This will involve both short term and long term goals, such as saving for a rainy day in the short term, or saving towards retirement in the longer term.
Having an idea of what a person would like to save, Mr Morgan explained, is likely to spur them on more and help these goals to be attained.
Appearing in front of a select committee he said the UK should walk away rather than take EU rules (Image: PARLIAMENT.TV)
The bloc may demand the UK remain strapped to its rules as a condition to giving London access to the continent.
Mr Bailey warned such an outcome would be bad for Britain and must be rejected by negotiators.
He said: If the price of that is no equivalence, then I’m afraid that will follow.
Deputy governor Sam Woods said he hoped the UK and EU would find a mutual deal (Image: PARLIAMENT.TV) That is the wrong outcome for the UK, but if that is where it goes.