Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Thousands of Brits are applying for Pension Credit in a bid to keep their Winter Fuel Payments this year.
Many may think they're ineligible due to having a weekly income above £218.15 for singles or over £332.95 for couples.
However, certain types of income aren't included in the means-tested benefit. Your weekly income is calculated by adding together certain forms of income, savings and investments: If you've deferred your pension, be it state, personal or workplace, the amount you would have received if you hadn't deferred it is still counted towards your income. Plus, every £500 saved or invested over £10,000 is counted as £1 of income.
Brits can still qualify for Pension Credit even if they earn more than the weekly thresholds because some benefits aren't counted towards your total income: Pension Credit consists of two parts, which can be claimed separately. The first part, Guarantee Credit, depends on your income calculation and will top up your weekly income to £218.15 for single people or £332.
95 for couples. The second component, Savings Credit, is designed for individuals with significant savings or multiple pension incomes. To qualify, you must have reached the state pension age before April 6, 2016 and have some retirement savings, reports Yorkshire Live .
According to MSE , Savings Credit provides a slightly lower .
