Guarantee credit – this is the main part of pension credit, giving you a top-up of your weekly income to a minimum guaranteed level. For 2022/23, this is £182.60 a week if you're single, and £278.70 a week if you're in a couple. See below for details on eligibility.
Pension Credit will be paid directly into your bank, building society or Post Office account or through the Payment Exception Service if you are unable to open or manage one of these or a similar account. Pension Credit is usually paid every four weeks.
Guarantee Pension Credit tops up your weekly income if you have a low income. Savings Pension Credit is an extra payment to reward people who have prepared for their retirement by having some savings or income.
Introduction. If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
Latest Age Pension rates (from 20 September 2022)
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
Budget October 2022-23
Eligible pensioners will get $4,000 credited to their Work Bonus balance from 1 December 2022. The maximum Work Bonus balance will increase from $7,800 to $11,800 until 30 June 2023. The Work Bonus concession of $300 per fortnight will remain unchanged.
Guarantee credit – this is the main part of pension credit, giving you a top-up of your weekly income to a minimum guaranteed level. For 2022/23, this is £182.60 a week if you're single, and £278.70 a week if you're in a couple. See below for details on eligibility.
Pension Credit tops up: your weekly income to £182.60 if you're single. your joint weekly income to £278.70 if you have a partner.
You'll be eligible if either: you and your partner have both reached State Pension age. one of you is getting Housing Benefit for people over State Pension age.
Lower-income pensioners who claim pension credit will receive the money in addition to the £650 support for those on benefits.
What is a pension credit? Pension credits determine the monthly amount of your pension benefit. In general, you earn one pension credit for each calendar year in which you work at least 1,200 hours in covered employment.
If the Pension Service say you don't have a 'right to reside' this means they don't think you have a right to claim Pension Credit. You might need to show you have a right to reside such as showing payslips that prove you're working in the country.
Pension Credit gives you extra money to help with your living costs if you're over State Pension age and on a low income. Pension Credit can also help with housing costs such as ground rent or service charges. This guide is also available in Welsh (Cymraeg) and easy read format.
There are two parts to Pension Credit: Guarantee Credit and Savings Credit.
Your income may affect how much Pension Credit you can get.
A cost of living support package has been put in place that includes one-off payments to those on income related benefits, disabled claimants and pensioners. These payments are intended to provide support to you with the current rise in the cost of living.
So today, automatically, there's an extra $4,000 credited. "It means that pensioners over the next 12 months will be able to do extra work without having their pension affected." The increased Work Bonus income bank will be in place until December 31, 2023 and is available to pensioners over the age pension age.
Anyone receiving the State Pension will get what's known as a Christmas bonus. The extra £10 cash is tax-free and usually paid just before Christmas.
Since 2010, the state pension has increased in line with the triple lock commitment. This was suspended in 2022 but brought back in 2023 – much to the relief of pensioners.
Most people on a weekly social welfare payment will get a double payment in the week beginning 17 October 2022.
The latest change announced was a 3.1% rise which came in with the new tax year – starting on 6 April, 2022.
You will stop getting Pension Credit if you start living with a partner who is under State Pension age. You can start getting it again when your partner reaches State Pension age.