Money Wellness
Head and shoulders shot of female pensioner on autumn walk against a backdrop of trees

Pension credit

One in three people who could get pension credit don’t claim it. If you’re over state pension age and on a low income, you could be missing out on over £3,000 a year. Use the government’s pension credit calculator to find out if you qualify.

What is pension credit?

Pension credit is a benefit for people on low incomes who have reached state pension age. There are two parts to pension credit:

  • Guarantee credit – this tops up your weekly income to a guaranteed minimum amount
  • Savings credit – this is an extra boost for people who have

You might get one or both parts

Guarantee credit tops up your weekly income to a minimum amount. Savings credit is a top-up for people who have put aside money for retirement by saving or with a work or private pension.

Who can claim pension credit?

To claim guarantee credit, you need to be over the state pension age.

To claim savings credit, you need to have reached the state pension age before 6 April 2016.

You can claim pension credit if you’re retired or working. And you may qualify even if you have other income, savings or your own home. You must live in the UK and you don’t need a national insurance record.

How much is pension credit?

In 2022/23, guarantee credit tops up your income to £182.60 a week if you’re single or £278.70 a week if you’re in a couple.

In 2022/23, savings credit provides an extra £14.48 a week if you’re single and an extra £16.20 a week if you’re in a couple.

How to apply for pension credit

You can apply for pension credit up to four months before you reach state pension age or anytime after that. But claims can only be backdated for three months so you should apply as soon as possible.

If you call the claim line on 0800 99 1234, they’ll fill in the application form for you. You’ll need to give them:

  • Evidence of your income and savings
  • Your bank account details
  • Your national insurance number

Related posts

benefits

23 Nov 2023

Benefits for carers

As a carer, you may be entitled to certain benefits. In this guide, we outline those benefits and explain if you’re eligible and how to apply.

rent & utilities

15 Sep 2023

WaterSure – get help with your water bill

Find out if you're eligible for capped water bills under the WaterSure scheme

benefits

13 Jul 2023

Money worries after the death of a loved one

A guide to dealing with money issues after the death of a loved one including information on the financial support that's available

benefits

21 Jun 2023

Disability, sickness and carer benefits

A guide to the benefits available if you have a disability or long-term illness or you're caring for someone who does

Average Customer Rating:
4.9/5
Independent Service Rating based on 4013 verified reviews. Read all reviews