The Department for Work and Pensions (DWP) is adding up to £17.96 per week to the incomes of older state pensioners through the Savings Credit component of Pension Credit. This is separate from the regular Guarantee Credit payments.
What Is Savings Credit?
Savings Credit is the secondary part of Pension Credit, alongside Guarantee Credit. While Guarantee Credit tops up weekly income to £238 for single individuals or £363.25 for couples, Savings Credit provides additional support for those who have saved money for retirement.
Eligibility Criteria
You may qualify for Savings Credit if both of the following apply:
- You reached State Pension age before 6 April 2016.
- You saved some money for retirement, for example through a personal or workplace pension.
How Much Can You Get?
If you are single, you can receive up to £17.96 per week in Savings Credit. For couples, the maximum is £20.10 per week, which amounts to £1,045 annually. Importantly, you might still receive some Savings Credit even if you do not qualify for the Guarantee Credit part of Pension Credit.
Additional Information
The DWP advises using the Pension Credit calculator to estimate your potential entitlement. If you are unsure about eligibility for extra amounts, you can contact the Pension Service helpline at 0800 99 1234. For those who cannot hear or speak on the phone, Relay UK users should dial 18001 then 0800 99 1234. Alternatively, a British Sign Language (BSL) video relay service is available via computer; instructions for mobile or tablet use can be found on the DWP website.
The helpline operates Monday to Friday, 8am to 6pm, excluding public holidays. All benefits, pensions, and allowances are usually paid directly into a bank account.
