State pensioners could get extra cash on top of regular payments

Savings Credit is the secondary part of Pension Credit, alongside Guarantee Credit

Advertisement

The Department for Work and Pensions is boosting the incomes of older state pensioners by £17.96 per week through Pension Credit. Savings Credit forms the secondary element of Pension Credit, alongside Guarantee Credit.

Pension Credit raises your weekly income to £238 if you’re single, or to £363.25 jointly if you have a partner. Additional amounts may be available depending on your individual circumstances and outgoings.

These top-ups and additional sums are referred to as ‘Guarantee Credit’. You could qualify for the ‘Savings Credit’ element of Pension Credit if both of the following conditions apply: you reached State Pension age before 6 April 2016 and you set aside money for retirement, such as through a personal or workplace pension.

You’ll receive up to £17.96 Savings Credit per week if you’re single. If you have a partner, you’ll receive up to £20.10 per week. At the higher end, for couples, this amounts to £1,045.

You may still be entitled to some Savings Credit even if you do not qualify for the Guarantee Credit portion of Pension Credit, reports Birmingham Live.

The DWP states: “You might be able to use the Pension Credit calculator to get an estimate of how much you could get. Contact the Pension Service helpline if you’re not sure whether you’re eligible for extra amounts.”

The Pension Service helpline number is 0800 99 1234 or, via Relay UK (if you cannot hear or speak on the phone), it is 18001 then 0800 99 1234.

You can also use the British Sign Language (BSL) video relay service if you’re on a computer – find out how to use the service on mobile or tablet via the DWP website.

The helpline operates Monday to Friday, between 8am and 6pm, excluding public holidays. The DWP states: “All benefits, pensions and allowances are usually paid into an account, for example a bank account.”