A quick guide to Pension Credit facts
Around a third of those eligible for Pension Credit are not claiming it and could be missing out on extra money each week.
The benefit tops up people’s state pension and can help with other bills. An estimated £1.7bn is being left unclaimed, by around 800,000 pensioners who are missing out. With the increasing cost of living, it is vital that those eligible are encouraged to apply.
The average weekly amount of Pension Credit is over £65.
A change in circumstances can make someone newly eligible for Pension Credit (for example, bereavement, a change in health or disability). So even if you’ve applied before and did not get it, it may be worth another look.
Many people mistakenly believe they cannot get Pension Credit just because they do not know the real facts.
Qualifying for Pension Credit can mean help with other things like reduction in the amount of Council Tax they need to pay.
If you have reached State Pension age, it means you’ll get topped up to a minimum income of:
- £182.60 a week if they are single
- £278.70 a week if they are a couple
If you’re over 65 and reached your State Pension Age before 6 April 2016, you could still qualify for Pension Credit if your weekly income is below:
- £218.80 if they are single
- £319.20 if they are a couple
You do not have to pay tax on any Pension Credit payments you may get and Pension Credit can be backdated for a maximum period of 3 months.
Pensioners can get Pension Credit even if they have savings. The first £10,000 of savings is ignored – so if you has been previously turned down because of the amount of your savings, it’s worth another check.
For more information visit https://www.gov.uk/pension-credit or contact our Money Advice Team https://www.chsgroup.org.uk/contact-us/