If you are above the age of the State Pension and have a low income, Pension Credit is extra money to help you pay your costs. You may be able to acquire it even if you have other sources of income, savings, or assets. Guarantee Credit and Savings Credit are the two halves of the Pension Credit.

It’s not the same as your state pension. Pension Credit, in a nutshell, is a tax-free financial support programme for low-income seniors. On the other hand, many people are unaware of pension credit and are eligible to get it.

Only six out of ten qualified people received pension credit in 2017/18, resulting in a £2.5 billion gap. Learn more about pension credit eligibility, who may claim it, and how to apply and how much is pension credit on this page.

What is guaranteed credit, exactly?

What is Guaranteed Credit

Guaranteed pension credit is a government-mandated pay bonus. If your weekly salary is less than £173.75 and you are single, your pension credit will supplement your income up to that amount. Couples with weekly incomes below £265.20 will get a top-up.

If you are above the pension age and have retired, you may be eligible for pension credit in addition to your state pension. It is available to all retirees who meet the pension credit requirements (described below), whether single, widowed or married.

What is a savings credit, exactly?

What is Savings Credit

If you have put money aside for retirement, you may get a savings credit. If you’re single, you’ll get an extra £13.97, and if you’re married or have a partner, you’ll get an extra £15.62.

How much pension credit do I qualify for?

The following elements influence the amount of pension credit you may be qualified for

  • Your current income
  • How much have you put aside or invested?
  • The entire value of your wages and savings if you’re married.

Based on those criteria, you will top up to one of the quantities above under guarantee credit or savings credit. Even if it’s just a tiny amount, you should claim it since it might help you qualify for additional benefits and provide you with some more cash.

If you claim pension credit, you may be entitled to the following extra benefits

  • Licence for free television (for over 75s)
  • reduction in council taxes
  • Household savings
  • Assistance with housing
  • Cold weather compensation
  • Free housing insulation and boilers are available as grants.
  • The Dental treatments are free of cost.
  • Vouchers for glasses/contact lenses
  • You may check your eligibility for pension credit using the government’s online calculator.

Who is eligible for the pension credit?

To be eligible for pension credit, you must be a UK resident and have reached the state pension age (currently 66 for both men and women). If both couples have reached the state pension age, you may only claim your pension credit as a pair. Even if you have your own house, you may be eligible for the pension credit.

If you are of qualifying age but earn more than the amount mentioned above, you may still be eligible for benefits if you meet any of the following criteria

  • You have a significant disability.
  • You’re currently looking after someone.
  • Home expenditures, such as a mortgage, must still be paid.

Only individuals who reached state pension age before April 6, 2016, are eligible for savings credit. If you are a couple who reached state pension age before April 6, 2016, one of you may still be eligible to claim. It’s important to understand that having more than £10,000 in savings might affect how much pension credit you earn.

How can I get a pension credit?

Call 0800 99 1234 to get pension credit. They may apply for your pension credit. To speed things up, gather the following information

  • Social Security number
  • Account specifics
  • Your earnings, savings, and investments information
  • Please give your pension if you have one.
  • Housing expenses include mortgages, interest payments, and service costs.
  • You’ll need to input your information together if you’re a couple.

Is it feasible that I will be eligible for Pension Credit?

Each of the two components of Pension Credit has its own set of requirements.

Is Guarantee Credit a possibility for me?

  • If you’re State Pension age, you may qualify for Guarantee Credit (currently 66 for both men and women).
  • Guarantee Credit is available to anyone over 65 who earns less than £182.60 per week (or £278.70 per couple).
  • Though you fulfil one of the following requirements, you may qualify for Guarantee Credit even if your weekly income is higher.
  • If you’re disabled.
  • Caretaker
  • Mortgage payments are required.

Is it possible to apply for a Savings Credit?

You may be eligible for Savings Credit if you reached State Pension age before April 6, 2016, or if you’re a couple and one of you did.

There is no savings limit for the Pension Credit. However, if you have more than £10,000 in savings, the amount you get will reduce.

What is the process for applying for Pension Credit?

What is the Process for Applying a Pension Credit

You have two options for applying for Pension Credit

  • online claim (if you currently receive State Pension and your claim does not contain any children or young people)
  • Call 0800 99 1234 for Pension Credit (textphone 0800 169 0133). Over the phone, they’ll finish the application.
  • Before you start, gather the following:
  • your identification number
  • facts about your bank account
  • information about your wages, assets, and savings
  • details about your pension (if you have one)
  • information on any potential housing costs (such as a mortgage, interest payments or service charges)
  • Please provide any details about your relationship.
  • If you need help at any moment, contact your local Age UK.


You have up to four months to apply before reaching the State Pension age. You may use it after getting the State Pension age but only go back three months. If qualified, your initial payment might include three months of Pension Credit.

If you wish to backdate your claim, provide income, savings, and asset information on the date you want to apply (usually 3 months ago or reached State Pension age).

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