The Department for Work and Pensions (DWP) has launched an awareness drive this week to help people who have reached State Pension age claim extra financial support, including up to £71.94 a month for single people.
The campaign aims to tackle common misunderstandings that often stop older people from accessing additional assistance. One key point being emphasised is that having savings does not automatically rule someone out of receiving support.
How Pension Credit works
Pension Credit is a means-tested benefit for those beyond State Pension age living on a modest income. The Guarantee Credit element tops up weekly income to a guaranteed minimum of £238.00 for single people or £363.25 for couples.
Even if income exceeds that level, some may still qualify for Savings Credit. Single people can receive up to £17.96 a week (£71.94 a month), while couples can get £20.10 a week. Eligibility for Savings Credit applies only to those who reached State Pension age before April 6, 2016.
For couples where just one partner reached State Pension age before that date, Savings Credit is only available if they are currently receiving it. Some Savings Credit may still be accessible even with a higher weekly income.
How to check eligibility
Pensioners can quickly check their eligibility and get an estimate of potential entitlement using the Pension Credit calculator on GOV.UK. To complete the process, they need information about earnings, benefits, pensions, and any savings or investment products they hold.
If a person has a partner, the same financial details are required for them. Should they qualify for either or both elements of Pension Credit, the funds are paid directly into the same account as their State Pension.
