The Department for Work and Pensions has confirmed that state pensioner couples claiming Pension Credit will receive an extra £20 per week. This benefit is comprised of two components: Guarantee Credit and Savings Credit.
Understanding Savings Credit
Savings Credit provides additional financial support for individuals who have some savings or whose income exceeds the basic State Pension. It is available to those who reached State Pension age before 6 April 2016. According to Age UK, eligible individuals can receive up to £17.96 per week if single, or up to £20.10 per week for couples.
Additional Benefits
Claiming Pension Credit may also open the door to other benefits, including assistance with health and housing costs.
Application Requirements
The DWP stipulates that applicants must include their partner in the application. Eligibility criteria include both partners having reached State Pension age, or one partner receiving Housing Benefit for individuals over State Pension age. A partner is defined as a spouse, civil partner, or someone you live with as a couple.
Income is assessed jointly when applying for Pension Credit. The benefit tops up weekly income to £238 for single individuals and £363.25 for couples. Even if your income exceeds these thresholds, you may still qualify for Pension Credit if you have a disability, care for someone, have savings, or incur housing costs.
Income Considerations
Income considered includes State Pension, other pensions, earnings from employment or self-employment, and most social security benefits such as Carer's Allowance. However, not all benefits are counted. If you are entitled to a personal or workplace pension but have not yet claimed it, the expected amount still counts as income. Similarly, if you have deferred your State Pension, the amount you would receive is considered income. Importantly, you cannot accumulate extra amounts for deferring your State Pension if you or your partner are receiving Pension Credit.
