The charity Independent Age says up to a million people in the UK are missing out on Pension Credit payments they're entitled to.
If you’re eligible, the amount you receive will be based on:
any savings or investments you hold
whether you’re single or in a couple
There are two types of Pension Credit: Guarantee Credit and Savings Credit.
This is a payment that tops up your income if you earn less than:
£177.10 a week for singles
£270.30 a week for couples
Available to people who reached State Pension age before 6 April 2016 and have some savings, it pays up to:
£14.04 a week for singles
£15.71 a week for couples (only one of you needs to have reached State Pension age before 6 April 2016)
To find out if you’re eligible for Pension Credit and see how much you could receive, you can use the government’s calculator. Before you start, make sure you have details of:
any current earnings
any savings and investments
Use the government calculator.
If you’re able to start claiming Pension Credit, consider what you want to do with that money. You could look at using a portion of it to build your savings.
Find out more about saving with HSBC.