{"id":1409,"date":"2024-04-05T08:40:46","date_gmt":"2024-04-05T07:40:46","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=1409"},"modified":"2024-03-03T11:59:18","modified_gmt":"2024-03-03T11:59:18","slug":"pension-credit","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/pension-credit\/","title":{"rendered":"Pension Credit"},"content":{"rendered":"<p style=\"font-weight: 400;\">Last year, it was estimated that up to 850,000 eligible households were not claiming Pension Credit, with \u00a31.7 billion of available Pension Credit going unclaimed.<\/p>\n<h2 style=\"font-weight: 400;\">How Pension Credit Works<\/h2>\n<p style=\"font-weight: 400;\">Pension Credit is a benefit you can claim to top up your income if you\u2019re over the State Pension age and struggling to cover costs.<\/p>\n<p style=\"font-weight: 400;\">It is made up of two parts:<\/p>\n<ol>\n<li style=\"font-weight: 400;\">Guarantee credit \u2013 the main body of Pension Credit, which tops up your weekly income to a minimum amount<\/li>\n<li style=\"font-weight: 400;\">Savings credit \u2013 which is a small top up for those with modest savings for retirement, such as in a personal or workplace pension<\/li>\n<\/ol>\n<p style=\"font-weight: 400;\">You might qualify for one of these or for both parts.<\/p>\n<p style=\"font-weight: 400;\">To claim Pension Credit you must have already reached State Pension age (as must your partner if you\u2019re in a couple) and live in the UK.<\/p>\n<h2 style=\"font-weight: 400;\">What You Could Get<\/h2>\n<p style=\"font-weight: 400;\">When you apply, your income will be calculated, and if you have a partner, your joint income will be calculated. Income includes:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">Any pensions, including the State Pension. If you have deferred your State Pension or haven\u2019t yet claimed a personal or workplace pension you\u2019re entitled to, the amount you would get under it is counted as income<\/li>\n<li style=\"font-weight: 400;\">Any income earned from employment or self-employment<\/li>\n<li style=\"font-weight: 400;\">Most social security benefits, though not all benefits are counted as income. You can check the <a href=\"https:\/\/www.gov.uk\/pension-credit\/eligibility\">government website<\/a> for more information on this<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">Pension Credit tops up your weekly income to the total of \u00a3201.05 if you\u2019re single, or your joint income to \u00a3306.85 if you have a partner. You may get more if you:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">Have a severe disability<\/li>\n<li style=\"font-weight: 400;\">Care for another adult<\/li>\n<li style=\"font-weight: 400;\">Are responsible for children or young people under age 20 who are in education or approved training<\/li>\n<li style=\"font-weight: 400;\">Have housing costs<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">To qualify for Savings Credit, you must have reaches State Pension age before 6<sup>th<\/sup> April 2016. For this, you can get up to \u00a315.94 a week if you\u2019re single, or up to \u00a317.84 a week if you have a partner.<\/p>\n<p style=\"font-weight: 400;\">If you have over \u00a310,000 in savings, every \u00a3500 you have over this amount will reduce your Savings Credit by \u00a31 a week.<\/p>\n<p style=\"font-weight: 400;\">Click <a href=\"https:\/\/www.gov.uk\/pension-credit-calculator\">here<\/a> to use the government\u2019s Pension Credit calculator to see how much you could qualify for.<\/p>\n<h2 style=\"font-weight: 400;\">Other Perks of Pension Credit<\/h2>\n<p style=\"font-weight: 400;\">The average Pension Credit award is worth over \u00a33,500 a year, and it opens doors to other benefits too.<\/p>\n<p style=\"font-weight: 400;\">As <a href=\"https:\/\/www.gov.uk\/government\/news\/government-minister-urges-pensioners-to-check-eligibility-for-pension-credit-as-week-of-action-kicks-off\">Martin Lewis<\/a> said in June last year,<\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong><em>\u201ceven those only due thruppence from it should still claim as Pension Credit is the key gateway benefit that opens the door to many other entitlements.\u201d\u00a0<\/em><\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\">If you claim Pension Credit you\u2019re eligible for other benefits, such as, but not limited to:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">Council tax reduction<\/li>\n<li style=\"font-weight: 400;\">A free TV license if you\u2019re over age 25<\/li>\n<li style=\"font-weight: 400;\">Warm home discount<\/li>\n<li style=\"font-weight: 400;\">Cold weather payments<\/li>\n<li style=\"font-weight: 400;\">Free NHS dental care<\/li>\n<li style=\"font-weight: 400;\">Housing benefit<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Last year, it was estimated that up to 850,000 eligible households were not claiming Pension Credit, with \u00a31.7 billion of available Pension Credit going unclaimed. How Pension Credit Works Pension Credit is a benefit you can claim to top up your income if you\u2019re over the State Pension age and struggling to cover costs. It [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[1136,1138,1139,1135,1134,1140,75,152,1132,902,163,1133,284,1137],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pension Credit - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"Last year, up to 850,000 eligible households were not claiming Pension Credit, with \u00a31.7 billion of available Pension Credit going unclaimed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstarwealth.co.uk\/blog\/pension-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension Credit - 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