Top up or get pension credit?

linzechris

I am about ten years short of contributions to be able to draw a full state pension. Is it worth me borrowing the money to top it up or would pension credit bring me up to a full pension anyway? I'm 65 and self employed and will be 66 in December.

molerat

Pension credit would not take you up to the full pension ......... but ....... it is all the add-ons that pension credit brings which can make it worth way more than the full pension.

https://www.gov.uk/pension-credit

https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/pension-credit/

Do you / will you have any other income apart from the state pension ?  Do you have much in savings ?

linzechris

Thanks for the info Molerat. No savings, my wife will draw her pension a year later which will not be a full pension. Once I stop work there will be no other income.

molerat

You need to work out your joint income from the point you reach state pension age to see where you stand, you need to apply as a couple so her income will be taken into account and the couple income is only £306.85, just over 1.5 times the single person level.