The charity Independent Age says up to a million people in the UK are missing out on pension credit payments they're entitled to.1
If you’re eligible, the amount you receive will be based on:
There are 2 types of pension credit:
This is a payment that tops up your income to:
Savings credit is available to people who reached State Pension age before 6 April 2016 and have some savings. It pays up to:
To find out if you’re eligible for pension credit and see how much you could receive, you can use the government’s pension credit calculator. Before you start, make sure you have details of:
If you’re eligible for pension credit and have less than £10,000 in savings or investments, the amount you receive won’t be affected.
If you have more than £10,000 in savings or investments, every £500 over this £10,000 counts as an income of £1 a week. So, if you had savings of £12,000 – this would count as £4 income a week.
You can apply for pension credit online, over the phone or by post, up to 4 months before you reach State Pension age.
If you’re over State Pension age, you can apply at any time.
Your application can also be backdated 3 months – so if you were eligible during that time, you could get up to 3 months’ worth of pension credit in your first payment.
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.