All posts tagged: Pension Credit

DWP handing state pensioners £1,045 which is separate from regular payments

DWP handing state pensioners £1,045 which is separate from regular payments

Published by Sam Flores

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. READ MORE Three groups of UK households being handed council tax refund – full list 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 …

DWP told to scrap benefit claimed by 1.4 million people entirely

DWP told to scrap benefit claimed by 1.4 million people entirely

Published by Sam Flores

The Department for Work and Pensions has been told to scrap a benefit claimed by 1.4 million people. The Tony Blair Institute (TBI) think tank has urged the DWP to scrap pension credit and remove the state retirement age. Under the TBI’s Lifespan Fund, there would be no official retirement age. People could instead choose when to take their pension, which would remain guaranteed for life and be provided by the state. The amount they receive would vary based on their contributions, age, health and life expectancy, similar to the way pension savers are offered an annuity. READ MORE Foreign Office issues warning for UK tourists who face ‘increased risk’ But the triple lock would be removed and pensions would only rise by the median level of earnings. Tom McPhail, a freelance pensions expert and scheme trustee, said: “These proposals are a good start and a flexible state pension that helps meet people’s needs before retirement, and encourages later working, is a good idea in principle. “However, we can’t think about the state pension in …

DWP Cold Weather Payments triggered in 31 more postcodes – full list | Personal Finance | Finance

DWP Cold Weather Payments triggered in 31 more postcodes – full list | Personal Finance | Finance

Published by Sam Flores

Cold Weather Payments have been triggered for people living in 31 postcode districts in parts of the North East, including areas in Teesside, County Durham, and North Yorkshire. Eligible households in these regions will receive an extra £25 towards the cost of heating their homes during the cold snap. The new payments, distributed by the Department for Work and Pensions (DWP), will be made to an estimated 75,000 households in postcode areas covered by the latest update. So far this winter, payments have been triggered in 728 postcodes across parts of England, Wales and Northern Ireland as temperatures drop to zero degrees or below. This interactive requires javascript to work. ​ Cold Weather Payments are made to people in England and Wales who receive a range of benefits. A separate scheme is operated in Northern Ireland along similar lines, but in Scotland, the support for heating bills is paid every winter and not linked to specific spells of cold weather. There are an estimated 3.9 million people eligible for Cold Weather Payments under the DWP …