British State Pension: Pension Credit Can Help You Get Hundreds of Extra Dollars Every Year Personal Finances | Finance

Those who have contributed to the state pension will be able to claim this payment as soon as they reach retirement age. Depending on the date of birth of the retiree, he will receive either the basic pension or the new state pension. In addition to this weekly payment, some retirees may receive other payments through other means, such as a private pension. However, many retirees could lose an additional amount of money by not claiming a pension credit.

What is the pension credit?

This is an additional benefit that some people may claim after retirement and is based on the income of retirees.

The pension credit is divided into two parts, the guarantee credit and the savings credit, and is paid out according to the circumstances.

To be eligible, the retiree must live in England, Scotland or Wales and have reached the statutory retirement age.

Both forms of payment are a complement for those who need them.

How much is the payment and how is it claimed?

The guarantee credit supplements a retiree’s weekly income if it is less than £ 167.25 for singles and £ 255.25 for couples.

The savings credit can reach £ 13.73 per week for single people and £ 15.35 for couples.

Retirees can request payment over the phone or using a paper request.

They can start the application four months before reaching the statutory retirement age and can also backdate any application for three months.

The basic state pension applies to men born before April 6, 1951 and to women born before April 6, 1953.

Retirees can claim the new state pension if they were born on or after April 6, 1951, and women born on or after April 6, 1953.

When applying for the new state pension, the bank account is transferred to an account of their choice within five weeks of retirement age.

Those claiming the basic state pension will receive payment within the first full week after reaching state retirement age.

Retirees can also inherit their state pension from their spouse.