Pension Credit rates rise next week – pensioners could get £286 more | Personal finance | Finance

Pension Credit is paid by the Department for Work and Pensions (DWP) and provides assistance to retirees who need financial support by supplementing their weekly income. From April 11, when the state pension will increase by 3.1%, the amounts people can receive through the pension credit will increase by the same percentage.

Depending on the portion of the pension credit a person is applying for, they may get a different level of support.

The guarantee credit is the central element of the pension credit and offers the greatest potential for increasing income.

Secured Credit applicants can currently see their weekly income increased to a maximum of £177.10 if they are single.

For couples, this increases to £270.30.

READ MORE: State pension warning: Britons urged to check their records to ensure they receive the full amount

Currently, single pensioners can get up to £14.04 a week from savings credit.

Couples can get a joint sum of up to £15.71.

These rates will drop to £14.48 and £16.20 respectively next week.

However, the savings credit can only be claimed by Britons who reached statutory retirement age before 6 April 2016.

Pension credit applications can be made online on the government website.

People can also apply by phone or by mail.

Applicants will have their income assessed to determine if they qualify for help through the Pension Credit and, if so, how much they can get.

Those with a partner must apply for the pension credit as a couple, and applications can be initiated up to four months before reaching statutory retirement age.