What is pension credit? (From The Wiltshire Gazette and Herald)

What is pension credit?

OAPS, CHECK YOUR FINANCES FEATURE: Pension credit has two parts - guarantee credit and savings credit.

It ensures that everyone over the age of 60 has an income of at least:

£105.45 a week (single person)

£160.95 a week (couple)

People over 65 will be rewarded if they have savings. The guarantee credit replaces the existing minimum income guarantee and will work in the same way, topping up the individual's income.

You may still get pension credit if your income is higher than these amounts if you, or your partner, have a disability, a carer or have certain housing costs.

The savings credit is available to people over 65. Currently, those who have a saving credit threshold of less than £79.60 (for a single person) or £127.25 (couple) qualify.