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What is Pension Credit?
Pension Credit is an income related benefit made up of 2 parts - Guarantee Credit and Savings Credit.
- Guarantee Credit - tops up pensioners' income to a guaranteed level.
- Savings Credit - rewards people who have saved or have set up a pension(s) for their retirement.
It is means tested for those who have reached the minimum qualifying age, and live in Great Britain.
Someone may still get Pension Credit if they:
- Have not paid National Insurance contributions
- Have some savings or a small pension
- Live with their grown-up family
- own their own home.
Did you know?
Around a third of those eligible for Pension Credit could be missing out on extra money they’re entitled to each week.
The average weekly amount of Pension Credit is around £57.
A change in circumstances can make someone newly eligible for Pension Credit (for example, bereavement, change in health or disability). So even if they have applied before, it may be worth another look.
Many people mistakenly believe they can’t get Pension Credit because they don’t know the real facts.
Qualifying for Pension Credit can mean help with other things like Council Tax.
People do not have to pay tax on any Pension Credit payments they may get.
Pension Credit can be backdated for a maximum period of three months.
Pensioners can get Pension Credit even if they have savings. The first £10,000 of savings are ignored – so if someone has been previously turned down because of the amount of their savings, it’s worth another check.