Pension Credits

Pension credits are a benefit for people on low income of a pensionable age. Pension credits are in 2 parts;

Guarantee Credit

If have reached the minimum qualifying age, you may be entitled to the Guarantee Credit. This guarantees a minimum income by topping up your weekly income to:

• £142.70 if you are single.
• £217.90 if you have a partner.

These amounts may be more if you are disabled, have caring responsibilities or certain housing costs, such as mortgage interest payments.

Savings Credits

If you are aged 65 or over you may be entitled to Savings Credit. You may get the Savings Credit on its own or with the Guarantee Credit. You may be entitled to savings credit if you:

• are aged 65 or over
• have made some provision towards your retirement such as savings or a second pension

If you have a partner, at least one of you must be 65 or over to get the savings credit.

The savings credit can be up to:

• £18.54 a week if you are single
• £23.73 a week if you have a partner

You may still get the savings credit even if your income does not exceed:-

• £189 a week if you are single
• £277 a week if you have a partner

Both type of payments may be increased if you are disabled, have caring responsibilities or certain housing costs, such as mortgage interest payments.

Pension credits are not taxable.

Figures checked for correctness: May 2012