Pension Credit in Fareham, Gosport, Southampton & New Forest East

So, what is Pension Credit?

'Pension Credit' is a scheme, run by the Government, and allows pensioners in Fareham, Gosport, Southampton & New Forest East and all over the UK, to booth their weekly income amount if they are over the State Pension age and on a low income. It is available for pensioners that need some financial support with housing costs, (including things like ground rent or service charges). Solo or Couples can apply for Pension Credit, but those in couples, will both need to have reached the State Pension age and you do not have to be married, but if you live together you are considered a couple!

Surprisingly, not many people are aware about the Pension Credit scheme; but there are actually two parts to it (the Guarantee Credit & the Savings Credit). The Guarantee Credit tops your current income up to a minimum amount, but the Savings Credit is a small top-up for people who have a modest amount of income or savings. You may be eligible to get one or both parts of the Pension Credit, depending on your situation. Here is a breakdown of those parts: 

Guarantee Credit tops up your weekly income to a guaranteed minimum level:

• £182.60 if you're single
• £278.70 if you're a couple

Savings Credit is extra money if you've got some savings or if your income is higher than the basic State Pension. It's available to people who reached State Pension age before 6 April 2016. You could get up to:

• £14.48 extra per week if you're single
• £16.20 extra per week if you're a couple

So, who is Eligible to claim Pension Credit?

The Savings Credit is only available if you reached State Pension age before 6 April 2016.

To claim Pension Credit you must:

• Have reached State Pension age - check your State Pension age on GOV.UK

• Not have too much income or savings

• Live in Fareham, Gosport, Southampton, New Forest East or anywhere the UK

You can still be working, as long as your income isn't too high and unlike the State Pension, you don’t need a National Insurance Record.

How much Pension Credit am I entitled to?

How much Pension Credit that one is entitled to, is completely dependent on how much money they have coming in. 

Check if you are Eligible for Extra Amounts:

• You might be able to get extra money if you get other benefits or you’re responsible for a child, only if you’re not already getting child tax credits. You might also be able to claim child benefit.
• If you get other benefits, such as Carer's Allowance, Disability Living Allowance, Personal Independence Payment or Attendance Allowance, your weekly Guarantee Credit amount can go over the minimum income threshold of £182.60.
• If you’re eligible you can receive an extra amount for severe disability of £69.40 a week.

There isn’t a savings limit for Pension Credit. However, if you have over £10,000 in savings, this will affect how much you receive.

How do I apply for Pension Credit?

The 'cost of living' has been increasing in Fareham, Gosport, Southampton & New Forest East and across the UK since early 2021. As it stands today, the current rate of inflation has been the highest that it has ever been since 1982! Which is continuing to have detrimental affects on everyone across the Nation. It has been estimated recently that approximately more than two million 'older' households will not be able to cover their daily essential spending by the end of the year (2022); and at Right at Home Solent, we are passionate about doing everything we can to help and support the elderly in Fareham, Gosport, Southampton & New Forest East, so we are keen to do share all the tips and advice that we have over the coming months to make these tough times that small bit easier!

If you would like some more information on Pension Credit, check out the GOV website here! - https://www.gov.uk/pension-credit or to apply online for Pension Credit, follow this link - https://www.gov.uk/pension-credit/how-to-claim!