Pension 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 £159.35 (for single people) or £243.25 (for couples).

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

Your Pension Credit award letter tells you if you have one.

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

You don’t pay tax on Pension Credit.

What you’ll get

Your circumstances Guarantee Credit per week Savings Credit per week
Single people Top up to £159.35 Up to £13.20
Couples Top up to £243.25 Up to £14.90

(You might get more if you’re a carer, severely disabled or have certain housing costs)

If your circumstances change:

Phone the helpline if your circumstances change as this can affect how much you get. (For example, if your income or capital goes up or down).

Pension Service helplineTelephone: 0345 606 0265

Textphone: 0800 169 0133

Monday to Friday, 8am to 6pm

Changes to Assessed Income Periods (AIPs)

An AIP is a period when you don’t have to report changes to your pensions, savings or investments.

For the full details for all the above CLICK HERE to be taken to GOV.uk website

If you need to discuss anything relating to Pension Credit please pop into one of our Advice Centres at Bingham or Radcliffe. . .

 

Here to help – just ask