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Pension credit

Pension credit is a benefit that is based on your income. There are two parts to it - guarantee credit and saving credit. You may qualify for one or both of the parts.

You do not pay tax on pension credit. 

Guarantee credit

This provides a minimum level of weekly income for people over a certain qualifying age. The qualifying age is currently related to the state pension age for women. Once the state pension age for women has risen to 65 to be the same as that for men, the qualifying age will then rise in line with state pension age. 

Saving credit

This is a reward for those who have attempted to save for their retirement above the basic state pension (BSP) and who have a modest amount of income or savings. It is payable from age 65. 

Getting an estimate of pension credit

You can use the Pension Service calculator on their website to work out how much pension credit you might be able to claim. 

To find out more information and to get an estimate, visit. https://www.gov.uk/pension-credit-calculator

To claim pension credit, visit https://www.gov.uk/pension-credit/how-to-claim

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