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Adviser  >  Technical Central  >  Rates & Factors  >  Pension Credit  >  Pension Credit

Pension Credit

Guarantee Credit (Tax Year 2014/15)

Single Pensioner Married Couple
Guarantee Credit 148.35 p.w. 226.50 p.w.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2014/15)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 120.35 p.w. - 148.35 p.w. A credit of 60p for every 1 of income between 192.00 p.w. - 226.50 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 148.35 p.w. applies. A reduction of 40p for every 1 of income over 226.50 p.w. applies.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 16.80 p.w. 20.70 p.w.

Guarantee Credit (Tax Year 2013/14)

Single Pensioner Married Couple
Guarantee Credit 145.40 p.w. 222.05 p.w.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2013/14)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 115.30 p.w. - 145.40 p.w. A credit of 60p for every 1 of income between 183.90 p.w. - 222.05 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 145.40 p.w. applies. A reduction of 40p for every 1 of income over 222.05 p.w. applies.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 18.06 p.w. 22.89 p.w.

Guarantee Credit (Tax Year 2012/13)

Single Pensioner Married Couple
Guarantee Credit 142.70 p.w. 217.90 p.w.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2012/13)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 111.80 p.w. - 142.70 p.w. A credit of 60p for every 1 of income between 178.35 p.w. - 217.90 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 142.70 p.w. applies. A reduction of 40p for every 1 of income over 217.90 p.w. applies.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 18.54 p.w. 23.73 p.w.

Guarantee Credit (Tax Year 2011/12)

Single Pensioner Married Couple
Guarantee Credit 137.35 p.w. 209.70 p.w.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2011/12)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 103.15 p.w. - 137.35 p.w. A credit of 60p for every 1 of income between 164.55 p.w. - 209.70 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 137.35 p.w. applies. A reduction of 40p for every 1 of income over 209.70 p.w. applies.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 20.52 p.w. 27.09 p.w.

Guarantee Credit (Tax Year 2010/11)

Single Pensioner Married Couple
Guarantee Credit 132.60 p.w. 202.40 p.w.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2010/11)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 98.40 p.w. - 132.60 p.w. A credit of 60p for every 1 of income between 157.25 p.w. - 202.40 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 132.60 p.w. applies. A reduction of 40p for every 1 of income over 202.40 p.w. applies.
Capital Limit 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 10,000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 20.52 p.w. 27.09 p.w.

Guarantee Credit (Tax Year 2009/10)

Single Pensioner Married Couple
Guarantee Credit 130.00 p.w. 198.45 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. (This increased to 10,000 from November 2009). 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. (This increased to 10,000 from November 2009).

Savings Credit (Tax Year 2009/10)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 96.00 p.w. - 130.00 p.w. A credit of 60p for every 1 of income between 153.40 p.w. - 198.45 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 130.00 p.w. applies. A reduction of 40p for every 1 of income over 198.45 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. (This increased to 10,000 from November 2009). 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. (This increased to 10,000 from November 2009).
Maximum Savings Credit available 20.40 p.w. 27.03 p.w.

Guarantee Credit (Tax Year 2008/09)

Single Pensioner Married Couple
Guarantee Credit 124.05 p.w. 189.35 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2008/09)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 91.20 p.w. - 124.05 p.w. A credit of 60p for every 1 of income between 145.80 p.w. - 189.35 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 124.05 p.w. applies. A reduction of 40p for every 1 of income over 189.35 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 19.71 p.w. 26.13 p.w.

Guarantee Credit (Tax Year 2007/08)

Single Pensioner Married Couple
Guarantee Credit 119.05 p.w. 181.70 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2007/08)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 87.30 p.w. - 119.05 p.w. A credit of 60p for every 1 of income between 139.60 p.w. - 181.70 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 119.05 p.w. applies. A reduction of 40p for every 1 of income over 181.70 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 19.05 p.w. 25.26 p.w.

Guarantee Credit (Tax Year 2006/07)

Single Pensioner Married Couple
Guarantee Credit 114.05 p.w. 174.05 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2006/07)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 84.25 p.w. - 114.05 p.w. A credit of 60p for every 1 of income between 134.75 p.w. - 174.05 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 114.05 p.w. applies. A reduction of 40p for every 1 of income over 174.05 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 17.88 p.w. 23.58 p.w.

Guarantee Credit (Tax Year 2005/06)

Single Pensioner Married Couple
Guarantee Credit 109.45 p.w. 167.05 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2005/06)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 82.05 p.w. - 109.45 p.w. A credit of 60p for every 1 of income between 131.20 p.w. - 167.05 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 109.45 p.w. applies. A reduction of 40p for every 1 of income over 167.05 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 16.44 p.w. 21.51 p.w.

Guarantee Credit (Tax Year 2004/05)

Single Pensioner Married Couple
Guarantee Credit 105.45 p.w. 160.95 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2004/05)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 79.60 p.w. - 105.45 p.w. A credit of 60p for every 1 of income between 127.25 p.w. - 160.95 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 105.45 p.w. applies. A reduction of 40p for every 1 of income over 160.95 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 15.51 p.w. 20.22 p.w.

Guarantee Credit (Tax Year 2003/04)

Single Pensioner Married Couple
Guarantee Credit 102.10 p.w. 155.80 p.w.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.

Savings Credit (Tax Year 2003/04)

Single Pensioner Married Couple
Savings Credit A credit of 60p for every 1 of income between 77.45 p.w. - 102.10 p.w. A credit of 60p for every 1 of income between 123.80 p.w. - 155.80 p.w
Savings Credit Reduction A reduction of 40p for every 1 of income over 102.10 p.w. applies. A reduction of 40p for every 1 of income over 155.80 p.w. applies.
Capital Limit 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held. 6000 - Any amount over this limit is converted into income at a rate of 1 for every 500.00 of assets held.
Maximum Savings Credit available 14.79 p.w. 19.20 p.w.

Notes:

  1. The pension credit is made up of two elements the guarantee credit (payable from age 60) and the savings credit (payable from age 65).
  2. The amount of pension credit is reduced where income exceeds the guarantee credit levels for a single person or a married couple.
  3. Assets including your home, most personal possessions, pre-paid funeral plans and the surrender value of any life insurance policies are ignored in calculating entitlement to the pension credit.
  4. Limits differ for those pensioners who are carers, severely disabled or have certain eligible housing and council tax costs.

* For those who don't qualify for SSP
** Payable after 52 weeks to those under age 45 on the day of incapacity.

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