The charity says almost 4 in 10 people in the UK are missing out on pension credit payments they're entitled to.
If you’re eligible, the amount you receive will be based on:
There are 2 types of :
This is a payment that tops up your income to a set amount for single people and couples.
Savings credit is available to people who reached state pension age before 6 April 2016 and have some savings.
You can find out how much guarantee credit and savings credit you’ll get at the moment on the .
To find out if you’re eligible for pension credit and see how much you could receive, you can use the . Before you start, make sure you have details of:
If you’re eligible for pension credit and have less than £10,000 in savings or investments, the amount you receive won’t be affected.
If you have more than £10,000 in savings or investments, every £500 above that counts as an income of £1 a week. So, if you had savings of £12,000 – this would count as £4 income a week.
If you receive pension credit, you may be able to claim other benefits such as a free TV Licence and a council tax reduction.
You can use a to see what else you may be able to claim.
You can online, over the phone or by post, up to 4 months before you reach state pension age.
If you’re over state pension age, you can apply at any time.
Your application can also be backdated 3 months – so if you were eligible during that time, you could get up to 3 months’ worth of pension credit in your first payment.
If you’re eligible for pension credit, think about what you want to do with that money. You could look at using a portion of it to build your savings.
