Pension Credit - How much can I expect to get?

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Pension Credit - How much can I expect to get?

It depends on how much you receive at the moment, essentially you can expect to receive £102.10 per week if you are a single person, or £155.80 per week if you are in a couple. If your basic income is lower than theses stated incomes, then you can expect to have it topped up to meet them. In addition to this you could receive 60p for every £1 of private income that you get.

For example: A single person who is in receipt of £10 on top of the basic state pension of £77.45 per week, would have their income topped up to £102,10 per week, plus they would be entitled to an extra £6 of savings credit (60% of their £10). Their total pension credit, would be; £20.65 per week.

If your weekly income exceeds the guaranteed credit level, you would have to subtract this credit level (£102,10 for a single person, and £155,80 for a couple) from your weekly income, the figure that is left over (i.e. the amount that you exceed the credit level), you work out 40% of this, then deduct your total from £14.79 for a single person, or £19.20 for a couple. The resulting figure is how much credit you are eligible to receive.

N.B. you may find that you are eligible for a higher guarantee credit if you are, disabled, a carer, renting a property or are paying off a mortgage.

Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.

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