Could Pension Credit give you extra income? Did you know that around a third of people who could be entitled to Pension Credit do not claim it? You could be missing out on extra money – read on for more information!
There are two types of Pension Credit: Guarantee Pension Credit and Savings Pension Credit. Some people get one or the other and some people can get both.
Guarantee Pension Credit
Guarantee Pension Credit is a benefit which people of Pension Credit Age can claim; it tops up your income to a minimum level. It is much more generous than the working age means-tested benefits. Even if you are only entitled to a small amount, the good news is that you automatically qualify for maximum help with your rent too!
Savings Pension Credit
Savings Pension Credit is for people aged 65 and over. It provides extra money to some people who have made some additional provision for their retirement, e.g. private or works pensions.
Changes from April 2016 will mean that nobody reaching State Pension age on or after 6 April 2016 will be eligible to make a new claim for Savings Pension Credit.
People who are already getting their State Pension, or who will reach State Pension age before the new State Pension is introduced on 6 April 2016, continue to have access to Savings Pension Credit. However if they are a member of a couple and the younger one reaches State Pension age on or after 6 April 2016, they will not have access to Savings Pension Credit unless they have already been awarded it before this date and have remained continuously entitled to it since then.