Entitlement to Pension Credit


Entitlement to each part of Pension Credit is calculated separately, so you could get either or both. 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 or certain housing costs, such as mortgage interest payments.



If you are aged 65 or over (and reached State Pension Age 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.



Savings credit may be paid if you or your partner are 65 or over and have qualifying income above your Savings Credit threshold. 



From April 2017, the single person’s Savings Credit threshold rises from £133.82 to £137.35 a week, while the couple’s threshold rises from £212.97 to £218.42 a week.



The maximum amount payable through Savings Credit increased from £13.07 to £13.20 a week for a single person, and from £14.75 to £14.90 a week for a couple.