Pension Credit - Who qualifies for it, and how much will it be?

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Pension Credit - Who qualifies for it, and how much will it be?

The guarantee credit will go to anyone who is over 60 and receiving less than £102.10 per week (£5.309 per year) for a single person, or £155.80 per week (£8102 per year) for a couple.

The weekly income includes all; pensions, earnings, savings and investment income.

If you qualify, you should have your income topped up to these levels. The new scheme replaces the minimum income guarantee.

Savings credit

In addition to the guarantee credit, there is the savings credit. This is only available to those of you who are over 65 who have income sources other than the basic state pension.

You are eligible if your income is lower than £139.10 per week (£7233 per year) for a single person, or £203.80 per week (£10.598 per year) for a couple.

Basic state pension level

Your income must exceed the basic state pension level, which is; £77.45 per week (£4.027 per year) for a single person or £123.80 per week (£6.438 per year) for a couple.

Single people are entitled to, up to £14.79 extra per week (£769 per year) and couples could get up to £19.20 per week (£998 per year). You mat be able to claim guarantee credit and savings credit together, or you may just get one.