Pension Credit - What is pension credit?

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Pension Credit - What is pension credit?

Pension credit is a means tested form of income for any one over the age of 60. There are two different types of Pension credit.

Guaranteed credit

Guaranteed credit; this is available to any person over 60, who is living in the UK, and is entitled to claim pension benefits.

It tops up your weekly income to no less than £102.10 for a single person, or £155.80 for a couple (you can this rate even if your partner is under 60).

Savings credit

Savings credit; is available to anyone over the age of 65, who is living in the UK , and is entitled to claim pension benefits. It is designed to support those who have a low income and have very little savings (the first £6,000 of your savings is not taken into account.

However if you have over £6,000, then the government assume that you receive £1/week/£500 of your savings).

These can be claimed separately or together.