Pension Credit is a vital lifeline to many. It is a financial top-up to some of the pensioners who need it most, and helps ensure that older people do not have to choose between eating or heating their home.
New research commissioned by Independent Age found if Pension Credit take-up was lifted from the current uptake of 61% to 100% then almost 450,000 people could be lifted out of poverty, reducing pensioner poverty to its lowest ever level.
Pension Credit is an income-related benefit made up of 2 parts – Guarantee Credit and Savings Credit.
- Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you have savings, a pension or your own home.
- Savings Credit is an extra payment for people who saved some money towards their retirement, for example a pension.
To check if you are eligible call 0800 99 1234 or complete online application.