DWP confirms exact amount Pension Credit will rise by from this April
DWP confirms exact amount Pension Credit will rise by from this April
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Pension Credit is set to rise by 4.1% from this April in a major boost for older Brits. The Department for Work and Pensions (DWP) increases the rate of certain benefits each year, including Pension Credit, which is a payment that is designed to boost your income if you’re over state pension age. Pension Credit tops up your weekly income to £218.15 if you’re single, or your joint weekly income to £332.95 if you have a partner.
This main part of Pension Credit is known as "Guarantee Credit" and it will increase to £227.10 per week for single claimants, and to £346.60 per week for couples, from April 6. You normally need to have an income below these amounts to get Pension Credit, but it is still possible to claim if you have a higher income and you have a severe disability, you're a carer, or you have to housing costs. You can be entitled to extra amounts if you’re a carer, severely disabled, or responsible for a child or young person. If you reached state pension age before April 6, 2016, or you have savings or a second pension, you may be eligible for the savings credit element of Pension Credit. This is worth £17.01 a week if you're single, or £19.04 a week if you're in a couple.
Pension Credit is paid every four weeks. As well as giving your income a boost, Pension Credit also unlocks other financial help, such as free dental treatment, free TV licence if you're over the age of 75, and the Winter Fuel Payment, which is worth up to £300. However, figures from the Department for Work and Pensions (DWP) show more than 800,000 people are missing out on Pension Credit. Pension Credit can be backdated by three months and the average award is worth over £3,900 each year.
