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Pension Credit is a benefit from the Department for Work and Pensions that provides a top-up to people over the state pension age who are struggling to make ends meet. However, many people believe this means if they are working past the state pension age or have savings they will not be eligible. This popular myth could be preventing people from getting more than £3,900 in Pension Credit payments, the average amount claimed from the benefit. This benefit also acts as a gateway, providing pensioners with a variety of other discounts and support that are not always financial. There are two elements of Pension Credit - the Guarantee Credit and Savings Credit. The first looks at how much you earn per week, and this can be from work, pensions, or even other benefits. Citizens Advice highlighted: “You can still be working, as long as your income isn't too high. Unlike the State Pension, you don’t need a national insurance record.” To be eligible, your income should be at £227.10 per week or lower if you are single and £346.60 joint weekly income if you have a partner. People who earn more than this may still be eligible if they meet other criteria such as having a disability or caring for someone. Your income includes: The following benefits are not counted as income: If you have savings, you may be eligible for Pension Credit if it is worth £10,000 or less. Every £500 in savings or investments you have over this amount will be counted as an extra £1 of income per week. More information is available on the Gov.uk website. For example, if you have £11,000 in savings but have a weekly income of £200 as a single pensioner, the DWP will instead calculate your weekly income as £202 per week and you will still be eligible for the benefit. The Gov.uk website has a Pension Credit checker tool to help people identify if they might be missing out on thousands of pounds in support from the benefit.
