Over 60 Pension Credit

Pension Credit was designed by the Government to 'top up' your weekly retirement income. It is paid in two parts: guarantee credit and savings credit. You must be aged at least 60 to get guarantee credit which is currently worth £124.05 a week if you are single or £189.35 a week between you if you have a partner. Once you reach 65 you may be able to get savings credit as well. This is supposed to reward you if you have made modest savings towards retirement. It is not a fixed amount and is currently worth a maximum of £16.44 if you are single or £21.51 a week between you if you have a partner.

To get savings credit your income must be above the level of the basic State Retirement Pension and below the maximum income thresholds. If you are single this means your weekly income must be above £124.05 to qualify. If you live with a partner, your combined weekly income must be above £189.35 to qualify. For couples, it is the age of the older partner that counts. 'Partner' can be your spouse or a person you live with as if you are married to them.

Pension Credit rates have risen more quickly than State Retirement Pension rates so even if you were not eligible for it in the past, it is worth checking again. To claim Pension Credit you can call a free number 0800 99 1234 (or 0808 100 6165 in Northern Ireland) and the form will be filled in for you and posted to you. All you need to do is check it, sign it and post it back. Have your National Insurance number and details of your income and savings to hand when you call. Alternatively, complete the form online via The Pension Service website. Once you apply, Pension Credit is backdated for up to 12 months. If you get Pension Credit you can also make another claim to get a reduction in your council tax (or your rates in Northern Ireland).