Pension Credit: What happens at age 65

DarkTower

I am currently in receipt of Pension Credits and because I have been out of work due to redundancy, I also receive payments to cover my mortgage interest and Council Tax. I am confused as to what happens when I reach 65 (Oct of this year) which of course is the official retirement age. I am sort of assuming that once I reach 65, the only money I will be entitled to will be the State Pension.
Has anybody else had experience of this situation?
I would like to have a bit more background info before I contact the DWP.

Thanks

fluffymovie

At 65 for men, your state pension will kick in. This may mean that if you get a good pension, you no longer qualify for Guaranteed Pension Credit. You may then move onto Savings Credit or cease to receive Pension Credit all together.

If you have private pensions and know what your SRP will be, you may be able to find an on line calculator for pension credit to see if you would still get some help.

If Pension Credit Guaranteed Credit comes to an end, you will need to advise the council and others about the change and depending on your income, you may see a reduction in your CTB award or no change at all.

Oldernotwiser

fluffymovie wrote: »

At 65 for men, your state pension will kick in. This may mean that if you get a good pension, you no longer qualify for Guaranteed Pension Credit. You may then move onto Savings Credit or cease to receive Pension Credit all together.

If you have private pensions and know what your SRP will be, you may be able to find an on line calculator for pension credit to see if you would still get some help.

If Pension Credit Guaranteed Credit comes to an end, you will need to advise the council and others about the change and depending on your income, you may see a reduction in your CTB award or no change at all.

I'm sorry if I've given incorrect information but can the state pension actually be more than pension credit?

I admit that I assumed that the OP had no occupational/private pension so thank you for bringing that up; perhaps the OP can clarify his situation?

I took the post at face value, without looking at the possible ins and outs.

alwaysonthego_2

Oldernotwiser wrote: »

I'm sorry if I've given incorrect information but can the state pension actually be more than pension credit?

I admit that I assumed that the OP had no occupational/private pension so thank you for bringing that up; perhaps the OP can clarify his situation?

I took the post at face value, without looking at the possible ins and outs.

The state pension or indeed any income can reduce the amount of PC that are recieved. The state pension will not be more than the amount of PC recieved usually [unless there is income already reducing it]. If the op is only recieving the SP then they will also get PC but at a reduced rate.

anmarj

should also say that mortgage interest would still be on the claim, but if you go onto savings credit only, no money is paid to your lender, and in effect you get a slighly higher amount of savings credit because of the mortage.

Macro_3

alwaysonthego wrote: »

The state pension or indeed any income can reduce the amount of PC that are recieved. The state pension will not be more than the amount of PC recieved usually [unless there is income already reducing it]. If the op is only recieving the SP then they will also get PC but at a reduced rate.

Is this right? In my experience it is common for state retirement pension to be higher than PCGC and for PCGC to end at 65 - particularly for men as they tend to have a better contributions history.

alwaysonthego_2

I thought the SP was approx £95 ish and the PC for a couple is £198.45 and for a sinlge person £130.00.

Macro_3

alwaysonthego wrote: »

I thought the SP was approx £95 ish and the PC for a couple is £198.45 and for a sinlge person £130.00.

I see quite a lot of SP in the £150-200 bracket, occasionally more than that. I think it's partly contributions related.

I'd be interested to find out how it works, actually, if only so that I can work out how woeful my own pension will be (if ever I get to retire!).

alwaysonthego_2

Macro wrote: »

I see quite a lot of SP in the £150-200 bracket, occasionally more than that. I think it's partly contributions related.

I'd be interested to find out how it works, actually, if only so that I can work out how woeful my own pension will be (if ever I get to retire!).

Yes it could be attached to private pensions, I know on the better of calculations that I do the maximum amount for SP we can enter is £95ish.
If they recieve more in SP than the maximum award for PC then they will not be entitled.

Oldernotwiser

alwaysonthego wrote: »

The state pension or indeed any income can reduce the amount of PC that are recieved. The state pension will not be more than the amount of PC recieved usually [unless there is income already reducing it]. If the op is only recieving the SP then they will also get PC but at a reduced rate.

So doesn't that mean that someone will get the same amount as Pension Credit, except different bits of it are called different names?

Oldernotwiser

alwaysonthego wrote: »

Yes it could be attached to private pensions, I know on the better of calculations that I do the maximum amount for SP we can enter is £95ish.
If they recieve more in SP than the maximum award for PC then they will not be entitled.

Having cocked up my previous advice, can I hesitantly suggest that you're using the basic SP figure when many people get extra with the State Second Pension/Serps?