United Kingdom

Basic country data

  • Population 60 and over (2018)
  • 16,100,917
  • % of total
  • 24.2%
  • Population 60 and over (2050)
  • 23,737,558
  • % of total
  • 35.7%
  • Does the country have a social pension?
  • Yes
  • Region
  • Europe & Central Asia
  • Income group
  • High income

Data on social pensions

Pension credit (Guarantee Credit)

Basic scheme information

Data on social pensions

  • Name of pension or programme
  • Pension credit (Guarantee Credit)
  • Year first social pension introduced
  • 1909
  • Legislative Underpinning
  • State pension credit act, 2002

2015

Government of the UK: Pension credit - introduction (webpage)

Government of the United Kingdom. Pension Credit. Do I qualify and how much could I get?

Eligibility criteria

  • Age of eligibility
  • 65
  • Targeting approach
  • Means-tested
  • Detailed eligibility criteria
  • Pension Credit is an income-related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £148.35 (for single people) or £226.50 (for couples). Savings Credit is an extra payment for people who saved some money towards their retirement Income taken into account includes: state pension, private and occupational pensions, most social security benefits, capital, income from employment or self employment. Savings and investments over £10,000 are counted - for these £1 is counted for every £500 or part £500. The qualifying age for Pension Credit is gradually going up to 66 in line with the increase in the State Pension age for women to 65 and the further increase to 66 for men and women. Pension credit differs from the State Pension you must have paid or been credited with National Insurance contributions.
  • References and notes

2015

Government of the UK: Pension credit - introduction (webpage)

Adequacy

  • Monthly benefit (local currency)
  • 655.2 Pounds
  • US$
  • 1,001
  • % of GDP per capita
  • 27.5%
  • $ PPP
  • 938.7
  • % of $1.90 poverty line (PPP)
  • 1,624%
  • Local amount detailed/other benefits
  • The maximum weekly transfer amount is £151.20 for an individual. Only one half of a couple can claim, in which case the maximum weekly transfer amount is £230.85. These amounts do not include the Savings Credit which is provides a maximum transfer amount of £14.82 a week for an individual or £17.43 a week for those with a partner. Not all recipients of the Guarantee Credit are eligible for the Savings Credit. Amounts may be more for those who are disabled, have caring responsibilities or certain housing costs, such as mortgage interest payments. Amount is tapered according to income. Income taken into account includes: state pension, private and occupational pensions, most social security benefits, capital, income from employment or self employment.
  • References and notes

2015

Government of the UK: Pension credit caseload - number of beneficiaries

Coverage

2015

HelpAge Calculation

Cost

  • Total cost (local currency)
  • 8,664,364,800 Pounds
  • Cost as % of GDP
  • 0.5%
  • References and notes

Note: £575 (£132.60 per week) is the maximum which an individual can receive for pension credit, as a single person. The maximum a couple can receive is £202.40. For more information see Directgov.

Our partner Age UK also gives information about how to access pension benefits in the UK.

Resources on the pension in United Kingdom

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