Pension Credit
Pension Credit is one of the most under-claimed and misunderstood benefits. For example, you can claim it even if you own your own home and have some savings in a pension.
It is worth £3,900 a year on average – but could be worth much more to certain households – and also unlocks access to other benefits, such as cold weather payments and help with NHS costs.
An estimated 880,000 households who are entitled to receive the benefit are failing to claim.
Pension Credit is made up of two parts: guarantee credit and savings credit. The guarantee part tops up your pension income to a certain level, and is available to those on low incomes. The savings credit is only available to those who reached state pension age before 6 April 2016 and had some money saved for retirement.
In her Autumn Budget, chancellor Rachel Reeves announced that Pension Credit would increase by 4.1% from April in line with triple lock rules.
You can find out if you’re eligible, and how much money you could get, by using the government’s Pension Credit calculator.