The Department for Work and Pensions (DWP) has launched an awareness campaign this week aimed at challenging misconceptions that can stop older people from claiming extra financial support. One central message is that having savings does not automatically disqualify someone from receiving Pension Credit.
Pension Credit is a means-tested benefit for people over State Pension age living on a low income. The Guarantee Credit element tops up weekly income to a guaranteed minimum of £238.00 for a single person or £363.25 for a couple. However, those whose income exceeds this threshold may still qualify for what is known as Savings Credit.
How much could you get?
Eligible single claimants could receive up to £17.96 per week, or £71.94 per month, while couples could get up to £20.10 per week. Savings Credit is only available to those who reached State Pension age before April 6, 2016. If a couple has only one partner who reached State Pension age before that date, they can only receive Savings Credit if they are already claiming it. Some Savings Credit may still be payable even with a higher weekly income.
How to check eligibility
Older people can quickly check whether they qualify and get an estimate of what they might be owed using the online Pension Credit calculator on GOV.UK. The tool requires details about earnings, benefits, pensions, and any savings or investment products held. The same information is needed for a partner, if applicable.
If found eligible for either or both elements of Pension Credit, the funds are paid directly into the same account as the State Pension.
