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Money and benefits

11) Pension Credits

Pension Credit is a means-tested tax-free payment for people who have reached or are over the state pension age. The qualifying age for pension credit will increase with the qualifying age for the State Retirement Pension. It is made up of two parts:

  • Guarantee Credit may be paid to people aged 60 or over and tops up your weekly income to a guaranteed minimum level.
  • Savings Credit is an extra amount for people aged 65 or over who have saved some money towards their retirement, such as savings or a second pension.

You can get the Savings Credit on top of the Guarantee Credit. If eligible, you may receive one or both elements.

National Insurance Credits
If you are a carer receiving Carers Allowance or Income Support, you will get National Insurance Credits for the number of weeks you have been claiming these benefits. This will contribute to your state pension.