Pension Credit rates rise next week – pensioners could get £286 more through DWP benefit

Pension Credit: Expert discusses those not claiming benefit

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Pension Credit is paid by the Department for Work and Pensions (DWP) and provides help to pensioners who need financial support by topping up their weekly income. From April 11, the same date the state pension will increase by 3.1 percent, the amounts people can receive through Pension Credit will rise by the same percentage.

Depending on which part of Pension Credit someone claims, they can get a different level of support.

Guarantee Credit is the core element of Pension Credit and offers the greatest potential income boost.

Claimants of Guarantee Credit can currently get their weekly income topped up to a maximum of £177.10 if they are single.

For couples, this amount increases to £270.30.

From April 11, single pensioners can get their income topped up to £182.60 through Guarantee Credit.

This extra £5.50 a week could mean someone getting up to an additional £286 in the 2022/23 tax year.

Those with a partner will be able to get their income increased to a maximum of £278.70.

The other element of Pension Credit is Savings Credit, which offers a lesser amount of additional income to pensioners who have more to begin with.

Santander launches savings account with 2.5% interest rate – ‘Even more value!’ [SAVINGS]
Is it cheaper to use gas or electricity? Fact-checked [INSIGHT]
POLL: Are you willing to pay more for energy bills to cut off ALL Russian gas? [POLL]

Currently, single pensioners can get up to £14.04 a week through Savings Credit.

Couples can get a joint sum of up to £15.71.

These rates will rise to £14.48 and £16.20 next week respectively.

However, Savings Credit can only be claimed by Britons who reached state pension age before April 6, 2016.

Pension Credit claimants are also eligible for various other benefits, such as:

  • Warm Home Discount
  • Housing Benefit
  • Support for Mortgage Interest
  • Council Tax Reduction
  • A free TV licence for those aged 75 or over
  • Help with NHS dental treatment, glasses and transport costs for hospital appointments

Applications for Pension Credit can be made online through the Government website.

People can also apply by phone or by post.

Applicants will have their income assessed to determine whether they are entitled to any support through Pension Credit and if so, how much they can get.

Those with a partner must apply for Pension Credit as a couple, and applications can be started up to four months before reaching state pension age.

Source: Read Full Article