How much is Pension Credit Savings Credit worth in 2026/27?

Full answer

Pension Credit has two elements: Guarantee Credit, which tops up weekly income to a minimum guaranteed level, and Savings Credit, a smaller additional payment designed to reward people who saved modestly for retirement (through a small private or workplace pension, or savings) rather than relying entirely on the State Pension. Crucially, Savings Credit is a closed benefit for new claims in the sense that it is only available to people who reached State Pension age before 6 April 2016, when the old basic State Pension and Savings Credit system was replaced by the new State Pension for people reaching pension age afterwards — anyone reaching State Pension age on or after that date cannot claim Savings Credit at all, even if they would otherwise qualify financially, though existing recipients from before that date can continue receiving it, and some new claims are possible if part of a couple where one partner already receives it. For 2026/27, the maximum Savings Credit is £19.30 a week for a single person and £21.65 a week for a couple, calculated using a formula that gives 60p of Savings Credit for every £1 of qualifying income above a savings threshold (income beyond the basic State Pension level), up to the maximum, then tapering away entirely once income exceeds a higher withdrawal threshold. Because Savings Credit interacts with Guarantee Credit and other means-tested benefits, and because the calculation is genuinely complex, many eligible pensioners underclaim or are unaware they might still qualify, particularly older pensioners who reached State Pension age well before the 2016 cut-off. Pension Credit (including any Savings Credit element) also acts as a passport to other help, including a free TV licence for over-75s, help with NHS costs, and Cold Weather Payments, so it is worth checking eligibility via the Pension Credit calculator on GOV.UK even if you assume the cash amount itself might be modest.