Are you eligible for Pension Credit? Millions of Britons ignore financial planning that could help them pay an extra £270 a week – here’s everything you need to know
Image: Getty Images / iStockphoto)
Pension Credit is a financial program that provides people over the age of 66 and with low incomes additional financial support, supporting millions of dong in the pensions of retirees.
This plan is designed to help with living costs, but can also help with anything from rent to service fees.
Separate from the state pension, people can get Pension Credit even if they have other forms of income, extra savings or their own assets.
With the cost of living soaring and the DWP urging people to come forward and ask for their support, here’s everything you need to know about the plan…
Who is eligible for retirement credit?
1.5 million households across the UK receive Pension Credit, however Mirror reports that 1 million claimants are eligible support has not yet been requested.
This program can be especially helpful for carers, people caring for children or people with disabilities.
If applying for Pension Credit, you must include your partner’s circumstances in your application.
You will be eligible for assistance if:
- you and your partner have both reached State Pension age (66 or older)
- one of you is getting Housing welfare for people over State Pension age
If you have less than 10,000 savings your Pension Credit will not be affected, however, if your savings exceed this threshold, the support will be deducted accordingly.
How much can I get?
Pension Credit takes your income and relationship status into account when calculating your support. If you have a partner, your earnings count as one.
Increased retirement credit:
- your weekly income up to £177.10 if you are single
- your weekly joint income to £270.30 if you have a partner
From April, however, this will increase to £182.60 and £278.70.
- Pension scheme
- Other pensions
- income from employment and self-employment
- most social security benefits, eg Carer Allowance
Getty Images / Westend61)
If you are severely disabled you could get an extra £67.30 a week if you get any of the following:
- Attendance allowance
- average or highest percentage from the care component of the Disability Living Allowance (DLA)
- the daily living component of Personal Independent Payment (PIP)
- Independent Payment to the Armed Forces
In addition, carers can receive an extra £37.70 a week and caregivers of young children will be eligible for an extra £54.60 per week.
The government provides a Retirement Credit Calculatorto help you figure out how much you can get.
How do I claim Pension Credit?
You can start applying for Pension Credit up to four months before you reach state pension age.
DWP has a Retirement Credit Toolkit which includes a quick guide to help you through your registration process.
When you sign up, you’ll need:
- your national insurance number
- information about your income, savings and investments
- your bank account details
https://www.mirror.co.uk/money/household-bills/what-pension-credit-am-eligible-26261086 What is retirement credit and do I qualify? Principles and rights explained