Who can claim pension credit and how to apply as May 2023 deadline closes in?

Pension Credit also entitles you to lots of other cost of living help (Picture: Getty Images)

As the cost of living crisis continues, it’s worth finding out if you can get pension credit, as it’s also a gateway to a host of other benefits.

Plus, if you’re eligible you can backdate your claim and still get the first £301 cost of living payment for 2023/24 – but the deadline to do so is coming up fast.

People entitled to pension credit can also claim council tax discounts, free dental treatment, housing benefit and much more – including a potential discount on your water bill.

But it’s estimated by Money Saving Expert website that around 800,000 more households who are eligible aren’t yet claiming.

With everything from energy bills to food shopping costing more, pension credit is a real boost to income.

So who can get it, how do you apply, and what’s the deadline?

Here’s what you need to know.

Who can claim?

Here’s a quick checklist to see if you can claim pension credit. You must:

Live in England, Scotland or Wales

Be state pension age or older (you can check yours here)

Have a weekly income of up to £201.05 if single, or jointly £306.85 in a couple (couples both need to have reached state pension age)

Around 800,000 more households could be claiming it (Picture: Getty Images/iStockphoto)

Note that not all benefits count as income, so you can ignore any of the following when working out your weekly income:

Adult Disability Payment

Attendance Allowance

Christmas Bonus

Child Benefit

Disability Living Allowance

Personal Independence Payment

social fund payments like Winter Fuel Allowance

Housing Benefit

Council Tax Reduction

If you have £10,000 or less in savings and investments this will not affect your Pension Credit.

If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.

What is the deadline for claiming?

You can claim pension credit at any time, but if you do it by May 19, 2023 and are approved, you’ll also be entitled to the 2023/24 cost of living payment – up to £900 across the year.

The first £301 cost of living payments are being rolled out now.

How much is pension credit?

Credit is made up of two parts – a Guarantee Credit which tops up your weekly income, and a Savings Credit which boosts your retirement savings or personal/workplace pension.

The Guarantee Credit part will top up your income to the thresholds – so up to £201.05 if you’re single, or £306.85 for couples.

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Savings Credit is more complex, as it’s based on the income you get from savings, but it’s worth £15.94 a week if you’re single and £17.84 a week for couples. You can claim this element if you reached state pension age before April 6, 2016.

People with severe disabilities could get an extra £76.40 a week, and those caring for another adult may be entitled to an extra £42.75 a week.

Those caring for children under 20 could get £61.88 a week for each child, increased to £72.31 a week for the first child if they were born before April 6, 2017.

Different credits offer different payments (Picture: Getty)

How do I apply?

The quickest and easiest way to see if you’re eligible is using the government’s online pension credit calculator – or call the hotline on 0800 99 1234.

You can also apply on that number, or on the gov.uk website.

MORE : When will the £150 disability cost of living payment be made in 2023?

MORE : 9 finance changes in May 2023 – from Universal Credit to payment dates

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It’s also a gateway to other benefits