A change to the pension credit could see some people in the UK receiving an extra £182 a week from the Department for Work and Pensions (DWP).
Applicants can also get help with heating costs, a free TV license and reduced council tax if they have a lower income. This comes after pension credit rates recently increased by 3.1%, in line with the increase in state pensions.
Brits can apply for the DWP benefit to boost their weekly cash flow amid the rising cost of living if they are past retirement age and still benefit from the more generous amount. The pension credit has two elements called guarantee credit and savings credit.
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The collateral credit provides the highest amount of support, according to the Express. Pensioners benefiting from a guarantee credit could benefit from additional income, up to a maximum level of:
- £182.60 if single
- £278.70 if they have a partner
The savings loan pays a lower amount to people with higher incomes. Beneficiaries of the Crédit d’Epargne can obtain up to:
- £14.48 per week if single
- £16.20 per week if they are in a relationship
It is only available to people who reached statutory retirement age before April 6, 2016. Additional amounts of pension credit may be available to people depending on their circumstances.
For example, a person may receive additional support if they are carers, severely disabled or responsible for a child or young person. Receiving a pension credit also entitles you to additional benefits, including
- Housing allowance
- Coverage of mortgage interest
- Residence tax reduction
- A free TV license if they are 75 or older
- Help with NHS dental care, glasses and transport costs for hospital appointments
- Help with heating costs