Pensioners could be missing out on Pension Credit

Pension Credit

Pension Credit supports qualifying pensioners by increasing their weekly income

Pensioners in the UK may be entitled to more than £800 a year in Pension Credit, as well as a free TV license, but thousands of pensioners are still missing out because they do not check whether they are entitled to additional weekly income. Hundreds of pounds in additional income could be available to single or married retirees.

Pension Credit is a benefit for retirees who are beyond the age of the state pension and have a low income. It supports qualifying pensioners by increasing their weekly income. Guarantee Credit and Savings Credit are the two elements, with each giving a different level of supplemental income to those in need.

Guarantee Credit boosts a single pensioner’s weekly income to a fixed level of £177.10, resulting in a monthly income of £708.40 in a regular four-week month and a yearly income of £9,209.20.

Pensioners who are married or in a civil partnership would have their weekly income increased to £270.30 per week, equating to £1,081.20 per month and £14,055.60 per year.

Savings Credit is a source of additional income for people who have saved for retirement or have a pension other than the regular state pension. The extra money offered by Savings Credit can be up to £14.04 per week for single retirees.

This would give them an extra £56.16 per month, bringing their total income to £730.08 for the year. Those who are married or in a civil partnership might receive an additional £15.71 per week, allowing them to save £62.84 per month, or £816.92 per year.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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