Pension credit

image: Money

Pension credit is a payment that most people over the age of 65 are eligible for. The intention is to ensure that individuals of pensionable age receive a minimum income that they can live on
.

Pensions credit comes in 2 parts:
  • Guarantee credit and
  • Savings credit.
 

image: 2 ladies playing dominoes at homeGuarantee credit:

Guarantee credit tops an individual’s income up to a specific level. For single pensioners with a weekly income below £163 (this includes your pension), their weekly income would be topped up to £163.

If you have a partner the joint household income would be topped up to £248.80 per week.

From 15 May 2019 the payment for couples is due to increase to £255.25 per week but you will only be able to claim Pension credit if both people are of pensionable age.

If you live as a couple and only one of you are over the age of 65, you will be able to claim Universal Credit instead. The payment amount you are eligible for under Universal Credit is lower (approximately £114.85 a week).

The exact amount of extra money you get as a top up may vary depending on your circumstances, as your income (including pension, benefits and savings) is assessed.
 

Savings credit:

This payment is a reward for those with savings and is offered as a financial incentive to encourage people to save for retirement.

Only people who’ve reached State Pension age before 6 April 2016 may be eligible to claim the Savings Credit part of Pension Credit.

To qualify you have to have a minimum income of £140.67 a week if you're single, and £223.82 a week if you're in a couple.

For every £1 you exceed these thresholds, you would receive 60p worth of credit. The cap for weekly payments is £13.40 for a single person and £14.99 for couples*.
 

Want to find out more?

To check your eligibility please call the Pension Credit claim line on 0800 99 1234.

*Please note: The information on this page is correct at the time of writing on 28 February 2019.
 

How we can help:

We're passionate about helping our customers to save money. And there are a number of ways we can help, including offering support on:
  • The best way to budget
  • How to open a bank account
  • How to claim benefits and understand the welfare benefit reforms
  • Top tips to reduce the cost of your bills
  • Grants and schemes you may be eligible for.

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