Savings Credit

E282252

Savings Credit is a means-tested benefit in the UK that provides additional financial support to certain older people who have modest retirement savings or income.

All labels observed (1)

Label Occurrences
Savings Credit canonical 2

How this entity was disambiguated

Statements (47)

Predicate Object
instanceOf UK welfare benefit
means-tested benefit
social security benefit
administeredBy Department for Work and Pensions
affectedBy capital and savings above certain thresholds
other income
affectedByReform introduction of the new State Pension in April 2016
appliesTo Great Britain
benefitsTargetGroup older people
pensioners with modest retirement income
pensioners with modest retirement savings
benefitType income-related benefit
benefitUnit individual or couple
calculationBasis amount of retirement savings and pension income
level of qualifying income
canAffect entitlement to other means-tested benefits
canBeReceivedAlongside Guarantee Credit
country United Kingdom
eligibilityCriterion means-tested
must be over a qualifying pension age
must be resident in the United Kingdom
subject to capital and savings rules
subject to income limits
governedBy UK social security legislation
hasEquivalentOrRelatedScheme separate but similar arrangements in Northern Ireland
introducedAsPartOf Pension Credit reform
introducedBy UK government
surface form: UK Government
introducedInYear 2003
isComponentOf UK pensioner income support system
isSubjectTo periodic review of entitlement
languageOfAdministration English
legalForm non-contributory benefit
linkedTo Guarantee Credit
partOf Pension Credit
paymentFrequency regular ongoing payment
paymentMethod cash benefit
policyGoal to incentivise saving for retirement
to reduce pensioner poverty
purpose to provide additional financial support in retirement
to reward people who have made modest provision for their retirement
requires claim to be made to the Pension Service
requiresDisclosureOf all sources of income
savings and capital
statusForNewClaimants closed to most new claimants after the introduction of the new State Pension
targetedAt people whose income is just above the basic minimum guaranteed level
people with modest occupational or personal pensions
taxStatus not taxable

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Pension Credit hasComponent Savings Credit
PC component Savings Credit
subject surface form: Pension Credit