Pension Credit



Pension Credit is a means-tested benefit which depends on your income and savings. It is designed to provide those over qualifying age (see below) with a minimum level of income, and give extra cash to pensioners with modest incomes who have made savings for their retirement. 


The qualifying age for Pension Credit is gradually going up in line with the increase in women’s State Pension Age (see page 73).



Pension Credit currently has two elements:


• the Guarantee Credit tops up your weekly income if it’s below £159.35 (single person) or £243.25 (couples) for those who have reached the minimum qualifying age; and



• the Savings Credit is an extra payment for those who have some savings or pension that brings their income to the required level (see page 93). To qualify you or your partner must have reached Pension Credit Qualifying Age (see above). 


As part of the Pensions Act 2014, the Savings Credit part of Pension Credit closed for people reaching State Pension Age (SPA) on or after 6 April 2016. You may still get Savings Credit if you are part of a couple and one of you reached SPA before 6 April 2016; but most people who reached SPA on or after this date will not be eligible.