pension credit – do I qualify? - November 2003

Pension credit is a new entitlement for people aged 60 and over. It guarantees everyone over 60 an income of at least £102.10 a week (£155.80 a week if you have a partner). The relevant factors in calculating this credit are:

• Your age - Must be 60 or over.
• Your weekly amount of income (includes pensions from state and work or a personal pension)
• Your total savings (the amount saved not the income from these savings). Savings held under £6000 does not reduce the credit. Every £500 over £6000 reduces the credit due by £1

If you or your partner are aged 65 or over you are likely to be entitled to Pension Credit if your weekly income is less than £139.10 single or £203.80 if you have a partner. If you have a weekly income in excess of the above amounts you may still be able to claim pension credit in certain circumstances – if you are severely disabled, look after a person who is severely disabled or have certain housing costs, for example, mortgage interest payments. Any claim will be paid from October 2003 so long as the claim is submitted prior to October 2004.

If you would like further information or have any queries, please contact Fiona Watson at our Penrith office.

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