State pension UK: pension credit can supplement state pension income

Those who have contributed to their state pension will be able to claim the basic pension or the new state pension when they reach retirement age. A man born before or after April 6, 1951 or a woman born on or after April 6, 1953 can claim the new state pension. People born before these dates are entitled to the basic state pension instead. In addition to this amount of money, some retirees may be entitled to additional payments in addition to their new income or their basic income.

Those in receipt of the basic state pension can receive up to £ 129.20 per week.

Retirees who are entitled to the new state pension are entitled to £ 168.60 per week.

This can be claimed when retirees reach the legal retirement age, which is now 65 for both men and women.

However, those approaching retirement age should watch for the gradual increase in that age.

In addition to receiving the state pension payment, some people will be entitled to additional income in the form of a pension credit, according to Gov.uk.

What is the pension credit?

The pension credit is a benefit that was put in place to help those who earn less than a certain amount of their state pension.

To be eligible, the retiree or his partner must have reached the legal retirement age.

However, this should change from May 15, 2019, people in a couple will only be eligible if they have both reached the pensionable age.

Or, it can be claimed if one has reached this age and also receives housing benefit.

Who does it apply to and how is it claimed?

If they wish to apply for a pension credit, retirees can do so up to four months before the first start to receive their pension.

Retirees can also backdate a pension credit claim if they are eligible.

The retirement credit is means-tested and is made up of two parts, the guarantee credit and the savings credit.

Singles receiving guarantee credit will get a top-up of £ 167.25 and those in couples will receive a top-up of £ 255.25.

A single person on a savings loan can get an additional £ 13.73 and a couple who benefit from it can increase their income up to £ 15.35.

Retirees can also increase their income by opting for a retirement plan.