Pension credit: what is pension credit? How much can you get?

WHAT IS PENSION CREDIT? Pension credit is an income-related benefit given to individuals during retirement, which is designated for those on a low income and struggling to make ends meet.

Currently around 2.5 million households across the UK receive Pension Credit. Pension credit comes in two parts: Guarantee Credit and Savings Credit, and an individual may be eligible for

one or both parts. Guarantee Credit is a monetary top up for your weekly income to a guaranteed minimum level. Savings Credit is an extra payment for people who saved some money towards

their retirement, for instance, a pension. However, Savings Credit is not eligible for everyone - if you reached state pension age on or after April 6, 2016, you may not be eligible.