Money Wellness

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.

woman thinking

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.

woman looking through magnifying glass

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.

woman on laptop with coins

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
application form

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