Redundant, but can I get pension credit?
I was thrown into the proverbial scrapyard and fired at the age of 61.
My only income is a pension of almost £7,000 a year, but I received severance pay.
Does this mean that I am not entitled to any pension credit? computer
Jason Witcombe of Evolve Financial Planning at the City of London responds: There are two types of Pension Credit – Guarantee Credit is for people aged 60 or over while Savings Credit is for people aged 65 or over.
Guarantee Credit provides a minimum income by supplementing your weekly income to £130 if you are single or £198.45 if you have a partner.
But the amount of savings and investments you and your partner have will also be considered.
You are assumed to have £1 extra income per week for every £500 of assets above £6,000. Your severance pay will go into this calculation.
The direct.gov.uk website has a useful pension credit calculator. You can also call 0800 991234.