SIGNpost : Pension Credit
The Pension Credit is a new social
security benefit that was introduced from October 2003 and which aims
to provide people aged 60 and over with a minimum level of income.
Whilst for most P&G retirees it will not have any impact, for a
few there may be a financial benefit - the Government estimated that
around one million extra older people would apply.
The Pension Credit will have two parts: the "guarantee credit" and the "savings credit".
The guarantee credit is basically the
same as the current "income support" for people aged 60 and over and
will generally be paid at the same rates.
The savings credit will provide extra
money to certain people aged 65 and over. You are likely to be entitled
to the savings credit if, as a single person, your income is less than
around £144 a week or, as a couple, less than £212 a week (October 2004
figures from PC1L Pension Service leaflet).
However, some disabled people, carers and home owners with housing
costs may be entitled to savings credit if their income is higher than
Claiming Pension Credit
If you are already getting income support you will not need to make
a claim; if not, you can obtain more information from The Pension
Service (look in the phone book under social security or pension
service), via the website www.thepensionservice.gov.uk or contact SIGNpost.