The Department for Work and Pensions is adding £17.96 onto older state pensioners’ incomes – thanks to Pension Credit. Savings Credit is the secondary part of Pension Credit, alongside Guarantee Credit.
Pension Credit tops up your weekly income to £238 if you’re single and your joint weekly income to £363.25 if you have a partner. You may get extra amounts if you have other responsibilities and costs.
The top up and extra amounts are known as ‘Guarantee Credit’. You could get the ‘Savings Credit’ part of Pension Credit if both of the following apply: you reached State Pension age before 6 April 2016 and you saved some money for retirement, for example a personal or workplace pension.
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You’ll get up to £17.96 Savings Credit a week if you’re single. If you have a partner, you’ll get up to £20.10 a week. At the upper end, for couples, it is worth £1,045.
You might still get some Savings Credit even if you do not get the Guarantee Credit part of Pension Credit.
The DWP says: “You might be able to use the Pension Credit calculator to get an estimate of how much you could get.
“Contact the Pension Service helpline if you’re not sure whether you’re eligible for extra amounts.”
The Pension Service helpline is 0800 99 1234 or, via Relay UK (if you cannot hear or speak on the phone), it is 18001 then 0800 99 1234.
You can also use the
British Sign Language (BSL) video relay service if you’re on a computer – find out how to use the service on mobile or tablet via the DWP website.
The helpline is open Monday to Friday, 8am to 6pm (except public holidays). The DWP adds: “All benefits, pensions and allowances are usually paid into an account, for example a bank account.”