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.
