Published On: Wed, Jun 26th, 2019

State pension: Do you qualify for £800 EXTRA per year? Over 1m don’t claim Pension Credit | Personal Finance | Finance

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The state pension can provide some assistance with a person’s living expenses during their later years. The amount that one gets will depend on a number of factors – such as the type of State Pension they are able to get, and their National Insurance contributions. Some people will be able to claim the income-related benefit Pension Credit. This type of payment is split into two different types of payment.

One is known as Guarantee Credit, which is a top-up payment.

This means that if a person has low-income, the Pension Credit will ensure that they receive a guaranteed total amount of £167.25 per week for a single person, while couples get £255.25 per week in 2019.

The other aspect of Pension Credit is Savings Credit.

Savings Credit is an additional payment which may be made to people who have saved some money for their retirement – such as in a pension.

Those who reached state pension age on or after April 6, 2016, may not be eligible for Savings Credit.

In 2019/20, the weekly amount of Savings Credit is up to £13.73 for single people, and up to £15.35 for couples.

This could add up to a maximum of £713.96 per year for a single claimant, while couples could get as much as £798.20.

An individual can work out if they’re eligible for Pension Credit, and how much they could get, by using the Pension Credit calculator.

A notice on the TV licensing website reads: “Under the new scheme, anyone aged 75 or over who receives Pension Credit will still be eligible for a free TV Licence which the BBC will pay for.

“Households where there is no one aged 75 or over that receives Pension Credit will need to buy a licence if one is needed.”

Over 75s who currently have a free over 75s TV licence will be continued to be covered until May 31, 2020, and the TV licensing website states it will write to those affected explaining the matter “in good time” before their current TV licence ends.

The DWP say that the “easiest and quickest” way to apply for Pension Credit is via the phone – instructing those eligible to call 0800 99 1234.

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