Pension Credit 2024: what it is, eligible age, what it's worth and how to claim

Pension Credit could be worth up to £3,900 a year, but hundreds of thousands of eligible claimants are missing out.

Pension Credit: 880,000 eligible Brits missing out

Thousands more people have started claiming Pension Credit since the Government announced only those receiving the benefit would be eligible for the Winter Fuel Payment.

The number of claims made to the Department for Work and Pensions has more than doubled to 38,500 since the changes were revealed in late July 2024.

But many of the UK’s poorest pensioners are still missing out after the DWP admitted up to 880,000 eligible pensioners weren’t receiving Pension Credit, which is worth around £3,900 per year.

Rachel Vahey, head of public policy at AJ Bell, pointed out claimants may also be able to access other valuable benefits, including dental treatment and free TV licenses.

“There are still too many pensioners potentially missing out, and the government needs to keep banging the drum to urge these people to claim these valuable benefits,” she said.

Check if you're eligible for Pension Credit

Awareness far lower than for other, lesser, benefits

Last year, retirement firm Just Group put out some eye-opening figures earlier that highlighted the lack of awareness among UK retirees. Nearly a quarter (23%) of those it spoke to had never even heard of Pension Credit. 

As a point of comparison, far fewer were unaware of perks such as free bus passes (5%) and prescriptions (5%), despite these being worth a fraction of the amount.

Shockingly, the company also found that it is the poorest households that are least likely to take advantage, with those on low incomes receiving less on average through Pension Credit than middle-income homes.

And it's not just the value of Pension Credit itself that they are missing out on.

As Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown pointed out, successfully claiming it also opens up additional support.

"Pension Credit tops up the income of the poorest pensioners and acts as a valuable gateway to other support such as help with Council Tax and NHS costs," she explains. 

If you are retired and struggling to make ends meet, it's vital you ensure you aren't potentially missing out on thousands of pounds worth of help.

In this article, we'll explain everything you need to know about Pension Credit, including who is eligible, how much it's worth and how to claim.

What is Pension Credit?

Pension Credit is an income-related benefit that can boost your State Pension.

It’s made up of two parts: Guarantee Credit and Savings Credit.

Guarantee Credit is a weekly payment that you can get to top-up your income to a minimum level.

Savings Credit is a top-up for those that have saved some money towards their retirement, for example in a pension.

How much the State Pension is worth now

How much can you get?

Guarantee Credit tops up your income to £218.15 a week if you’re single or £332.95 if you’re in a couple.

Savings Credit pays up to £17.01 extra a week if you’re single or £19.04 a week if you’re in a couple.

You can use the Government’s Pension Credit calculator to work out how much you could get.

You are treated as a couple if you live with your husband, wife or partner – but you don’t have to be married or in a civil partnership.

If you’re a mixed-age couple – with only one of you having reached State Pension Age – you normally have to claim Universal Credit until you’re both of that age.

Who is eligible for Pension Credit and Savings Credit?

Depending on your circumstances, you may be eligible for one or both parts of Pension Credit.

Pension Credit is available if you live in Great Britain and you and your partner have reached the qualifying age of 66.

You can use this calculator to check what your qualifying age is.

To be eligible for Guarantee Credit, your weekly income must be less than £218.15 if you're single or £332.95 for couples.

You may be able to claim even if your weekly income is higher if you have a severe disability, you are a carer or have to pay housing costs such as a mortgage. Learn more here.

Savings Credit is only available to people who reached State Pension age before 6 April 2016.

If you are entitled to Pension Credit, you may also be eligible for other benefits. So, even if you are only eligible for a small amount of Pension Credit, it’s worth claiming to potentially get access to other help.

Use a benefits calculator to figure out what else you can get.

When can you claim?

The earliest you can apply for Pension Credit is four months before you reach the qualifying age.

You can also claim any time after you reach Pension State age, but your claim can only be backdated for three months.

How to claim Pension Credit

In order to get Pension Credit, you need to make a claim for it.

You can read all your options for making a claim on this Government page, but probably the quickest way to do this is by calling the Pension Credit claim line on 0800 99 1234 (textphone: 0800 169 0133). 

It’s open Monday to Friday, 8am to 7:30pm.

An agent will fill in the application for you over the phone.

If you don’t want to make a claim by phone, you can request a paper application.

You will need your National Insurance number, information about your income, pensions, savings and investments plus your bank account details to make a claim.