Pension Credit is a means tested benefit for people aged 60 or over living in Great Britain.
Pension Credit is made up of two parts, the guarantee element and the savings element. The guarantee credit element payable from age 60 dictates that you will have a minimum level of income as follows:
£132.60 a week if you are single
£202.40 a week if you have a partner
If you or your partner are 65 or over you may be rewarded for saving for your retirement by the savings element up to:
£20.52 if you are single
£27.09 a week if you have a partner
Broadly speaking, the savings element is payable to a single person who has income of up to £183.90 per week and for a couple who have income of up to £270.12 per week.
Pensions credit is means tested so other forms of income or savings will affect the level of your entitlement.
Need further advice? Contact a pension adviser on:
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