FOR PROFESSIONAL ADVISERS ONLY

Pension Credit

Guarantee Credit (Tax Year 2014/15)

 Single PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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 PensionerMarried 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.

Last updated: 05 Nov 2014