Entitlement to Pension Credit

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Entitlement to each part of Pension Credit is calculated separately, so you could get either or both parts. You can apply for Pension Credit regardless of the amount of savings that you have. Any savings below £10,000 will be disregarded, while savings above this level will be deemed to provide an income of £1 a week for each £500 or part thereof. These amounts may be more if you are disabled, have caring responsibilities, you are responsible for a child or young person, or you have certain housing costs.

If you are aged 65 or over (and reached SPA before 6 April 2016) you may be entitled to Savings Credit if your income is more than the Savings Credit threshold. You may get the Savings Credit on its own or with Guarantee Credit. You may be entitled to Savings Credit if you:

• are aged 65 or over; and

• have made some provision towards your retirement, such as savings or a second pension.

From April 2019, the single person’s Savings Credit threshold rises from £140.67 to £144.38 a week, while the couple’s threshold rises from £223.82 to £229.67 a week.

The maximum amount payable through Savings Credit increased from £13.40 to £13.72 a week for a single person, and from £14.99 to £15.35 a week for a couple.