Pension Credit is an income-related benefit available in the UK. This gives those who have reached the State Pension age a boost to their income if it is below a certain threshold. There are two parts to this benefit:
1. Guarantee Credit – This tops up your income to a minimum weekly level.
2. Savings Credit – This is a top-up if your earnings are more than the basic State Pension. This part is only available to those who reached the State Pension age before 6th April 2016.
How much could I receive?
From April 9th, 2018 the rates are:
- Guarantee Credit:
- £163 per week – Single
- £248.80 per week – Couple
- Savings Credit:
- £13.40 per week – Single
- £14.99 per week – Couple
You can claim Pension Credit regardless of whether you are working or not. It is not affected by National Insurance contributions.
Pension Credit also opens up a variety of other benefits to you. These include the following:
- You will be exempt from council tax payments except in certain circumstances.
- Free NHS Dental treatments, reduced price glasses, help with hospital transport costs.
- Cold Weather Payments of £25 when the temperature drops below 0 degrees for 7 days or more.
- Those in receipt of Guarantee Pension Credit are eligible to receive maximum Housing Benefit.
- Homeowners may receive help with interest on their mortgage, service charges and ground rent.
- Carers can receive up to £34.95, known as a Carer Addition, on top of their Pension Credit.
- You are exempt from the benefit cap(This cap can limit the total benefit level received in working-age households).
Am I eligible to claim Pension Credit?
Even homeowners may be eligible to claim Pension Credit. Nearly 9 out of 10 claims are successful, and 2.5 million homes already receive this benefit.
To check your eligibility, please either use the link below which is for the Government Age Calculator or use our own benefits calculator found at the bottom of this page:
Claiming Guarantee Credit
Guarantee Credit can be claimed if you are earning less than a certain amount per week.
For a single person, this amount is £163.
For a couple, this amount is £248.80.
If you are earning more than these amounts, you may still be eligible in the following circumstances:
- You have a severe disability
- You are a carer
- You have housing costs to pay such as a mortgage
Claiming Savings Credit
You, or your partner, must have reached the State Pension age before 6th April 2016.
Any savings over £10,000 will affect how much you receive.