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What is pensions credit?

Pension Credit is an income-related benefit made up of 2 parts – Guarantee Credit and Savings Credit.

Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you have savings, a pension or your own home.

Savings Credit is an extra payment for people who saved some money towards their retirement, for example a pension.

You may not be eligible for Savings Credit if you reached State Pension age on or after 6 April 2016. You do not pay tax on Pension Credit.

What you'll get:

  Guarantee Credit per week Savings Credit per week
Single people Top up to £173.75 Up to £13.97
Couples Top up to £265.20 Up to £15.62

You might get more if you’re a carer, severely disabled, responsible for a child or young person, or have certain housing costs.

Use the Pension Credit calculator on the GOV.UK website to work out how much you might get.

If you get Guarantee Credit you’ll also qualify for other benefits such as Housing Benefit, Council Tax Reduction, Cold Weather Payments and help with the costs of NHS services. 

Source: Other Tue, 02 Mar 2021 00:00:00 +0100

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