A significant number of state pensioners in the UK are missing out on a valuable benefit that can pay up to £347 per week. According to recent data from the Department for Work and Pensions (DWP), around 910,000 pensioners failed to claim Pension Credit last year, resulting in up to £2.5 billion going unclaimed.
Pension Credit is divided into two parts: Guarantee Credit and Savings Credit. Guarantee Credit ensures your weekly income is topped up to a minimum amount—£221.10 for single pensioners and £346.60 for couples. Savings Credit is available to those who reached State Pension age before April 6, 2016, and have some retirement savings, offering up to £17.30 per week for singles and £19.36 for couples.
To qualify for Guarantee Credit, you must have reached State Pension age (currently 66) and have a weekly income below £227.10 if single, or below £346.60 if you’re a couple. Savings Credit eligibility is limited to those who reached State Pension age before April 6, 2016.
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There is no strict savings limit for Pension Credit, but having savings over £10,000 may reduce the amount you receive.
Applying for Pension Credit is straightforward. You can claim online at GOV.UK if you already receive the State Pension and your claim does not include children or young people. Alternatively, you can call the Pension Credit claim line on 0800 99 1234, where advisors can help complete your application over the phone. Lines are open Monday to Friday, 8am-6pm.
Before applying, it’s helpful to gather essential information such as your National Insurance number, bank account details, details of your income, savings, investments, any pensions you receive, housing costs including mortgages or service charges, and your partner’s information if applicable.
If you need assistance at any stage, local Age UK offices offer valuable support to help you with your claim.