Pension Credit
Pension Credit was introduced in 2003 in a bid to lift the poorest retired people out of poverty. This is a means-tested benefit which means your income and savings are taken into consideration.
Pension Credit is divided into two parts – Guaranteed Credit and Savings Credit.
Guaranteed Credit is for those who have reached the minimum qualifying age and it works by topping up your weekly income to £137.35 if you're single and £209.70 if you have a partner.
These amounts are higher for those who are disabled, have caring responsibilities or certain housing costs.
Meanwhile, you may be entitled to Savings Credit if you are aged 65 or over and live in Britain. You also need to have made some provision towards your retirement such as through savings or a second pension.
You can get the Savings Credit on its own or with the Guarantee Credit. Single people can get £20.52 a week and those with a partner can get £27.09.
If you are single and make up to £188 a week or earn no more than £277 a week and have a partner, you may still qualify for the Savings Credit.
Bear in mind that changes to the state pension age are likely to impact the Pension Credit qualifying age – the qualifying age is increasing in line with women's state pension age. However, you can still be eligible for Pension Credit if your partner has not reached the qualifying age, providing you have.
To apply for Pension Credit, call one of our advisers or fill in an enquiry form.
