DWP is currently running an awareness campaign
People who have reached State Pension age could receive an additional £71 per month, with the sum being higher in certain circumstances.
This week, the Department for Work and Pensions (DWP) has launched an awareness campaign designed to challenge some of the common misconceptions that can deter older people from claiming additional financial support. One of the central messages is that having money in savings does not automatically disqualify someone. Pension Credit is a means-tested benefit for people over State Pension age living on a low income.
The Guarantee Credit element of Pension Credit tops up your weekly income to a guaranteed minimum level of £238.00 if you’re single, or £363.25 if you’re a couple. However, if your income exceeds this threshold, you may still be eligible for what is known as Savings Credit.
You may receive up to £17.96 per week, or £71.94 per month, if you are single, or £20.10 per week if you’re a couple. You’re only eligible for Savings Credit if you reached State Pension age before April 6, 2016.
If you’re a couple and only one of you reached State Pension age before this date, you can only receive Savings Credit if you’re already claiming it. You may still qualify for some Savings Credit even if you have a higher weekly income.
Those who are older can swiftly check whether they qualify and obtain an estimate of what they might be entitled to by using the online Pension Credit calculator available on GOV.UK. To use the tool, you will need details regarding your earnings, benefits and pensions, along with any savings or investment products you currently hold.
You will also need the same information for your partner, should you have one. If you are found to be eligible for either or both elements of Pension Credit, the funds will be paid directly into the same account as your State Pension.
