Who is entitled to Pension Credits?

State Pension Credit is a means-tested benefit administered by the Pension Service. You can get Pension Credit whether or not you are working.

There are two parts to Pension Credit: Guarantee Credit and Savings Credit.

Guarantee Credit is for people over 60. It works by topping up your income to a basic level, based upon your circumstances. A portion of your income is calculated as coming from any savings you might have over £6,000, or over £10,000 if you live in a care home.

Savings Credit is for people aged 65 or over who have other income beside the state pension. For example, you may have an occupational pension or a private pension, earnings, money from savings or money from tenants. Savings Credit tops up this other income if it is between certain limits. Savings Credit is paid to you on top of any Guarantee Credit. You may also claim Savings Credit if your income is too high to receive Guarantee Credit.

 

Last Updated: 06-07-07