Minimum Guarantee:-
Single person: £124.05
Couple: £189.35
Maximum amount of Savings Credit - £19.71 (single) and £26.13 (couple)
Who is it for?
People aged 60 or over (only one member of a couple needs to be 60+ to be eligible)
Who pays it?
The Pension Service
Which leaflet? And how is it claimed?
Various leaflets - claim line is 0800 991234. Form can be obtained from www.thepensionservice.gov.uk/pensioncredit/form.asp .
What are the age limits?
60 or over for guarantee credit; 65 or over for savings credit
Means tested?
Yes. Savings below £6,000 ignored (£10,000 if in residential care). No upper capital limit. Savings credit creates a 'reward' for modest savings and works/private pensions.
How long does it last?
For as long as pensioner qualifies. Variations in income/capital may be ignored if claimant is given a fixed ‘assessed income period’.
What is effect on other benefits?
People on guarantee credit get full housing and council tax benefit (even if savings are above £16,000). Savings credit counts as income for HB/CTB purposes.
Is it taxable?
No
Increases for dependants?
Usual rules for couples - i.e. joint claims/assessment. No increases for children - claim CTC instead.
Points to watch
Twelve months backdating is possible (may be reduced in 2008/9 to 13 weeks). Assessments should be checked as TPS staff don’t always spot extra PC entitlement when claimant has Attendance Allowance and/or underlying entitlement to Carers Allowance. Awards of AA or CA can lead to increases in existing PC awards too. Take –up of PC so far is around 75% of those eligible.
The A-Z of Benefits 2008 was compiled by Gary Vaux and Community Care.
