Glossary · UK
What is Pension Credit Savings Credit?
A now largely closed element of Pension Credit that rewarded modest retirement savings above the basic State Pension.
Full Definition
Savings Credit was the second element of Pension Credit (alongside Guarantee Credit), giving a small extra weekly amount to pensioners who had modest income or savings above the basic State Pension level, as a reward for having saved towards retirement. It closed to new claims for people who reached State Pension age on or after 6 April 2016, so it is now only paid to existing claimants who have received it continuously (or to one partner in an older mixed-age couple), rather than being available to new pensioners.
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Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.