Pension Credit
3. Savings credit - aged 65 or over
If you are 65 or over you may get the savings credit part of Pension Credit. Savings credit is extra money each week for people who have an income that is higher than the basic State Retirement Pension or have modest savings.
You may get it by itself if your income is too high to get guarantee credit. Or you may get some savings credit paid on top of guarantee credit. If you are married or a civil partner – or live with someone as if you are – then only one of you has to be aged 65 or more.
You can normally get some savings credit if your weekly income is less than:
- £173.33 if you are single; or
- £254.68 between you if you are married or live as a couple.
If you are severely disabled add £50.35 to these amounts. If you are a carer add £27.75. Savings credit is not a fixed amount – it will boost your income if you have less than these amounts. The maximum amount of savings credit you can get is £19.71 if you are single or £26.13 between you if you are a couple.
