Calculating pension credit

mrsyardbroom

I'm interested to know how the pension credit and pension savings credit is calculated. I know there are online calculators, but I'm looking for something that tells me what the calculations are. Can anyone help please?

pmlindyloo

mrsyardbroom said:

I'm interested to know how the pension credit and pension savings credit is calculated. I know there are online calculators, but I'm looking for something that tells me what the calculations are. Can anyone help please?

I'm not sure what you mean by this.

If you just want a link for an online calculator then try www.entitledto.co.uk

If you put in accurate information then they are usually reliable.

tacpot12

This should help: Pension Credit: technical guidance - GOV.UK (www.gov.uk)

If it doesn't provide all the detail you need, you'll have to go to original legislation: The State Pension Credit Regulations 2002 (legislation.gov.uk)
 

mrsyardbroom

tacpot12 said:

This should help: Pension Credit: technical guidance - GOV.UK (www.gov.uk)

If it doesn't provide all the detail you need, you'll have to go to original legislation: The State Pension Credit Regulations 2002 (legislation.gov.uk)
 

Brilliant. That's just what I want. I'm a calculations nerd and have been all my life.

Murphybear

pmlindyloo said:

mrsyardbroom said:

I'm interested to know how the pension credit and pension savings credit is calculated. I know there are online calculators, but I'm looking for something that tells me what the calculations are. Can anyone help please?

I'm not sure what you mean by this.

If you just want a link for an online calculator then try www.entitledto.co.uk

If you put in accurate information then they are usually reliable.

My recent experience of PC is a bit complicated.

I knew I wasn’t eligible for it as my state pension and 2 small works pensions were above the threshold.  I applied for and was awarded Attendance Allowance.  Having spoken to Citizens Advice I found that getting AA raises the threshold for PC

I put my details in the 3  common benefits calculators and they all said I was entitled to PC but the results were different, then put my details in the calculator on the DWP website and it said I wasn’t entitled to it.

Bit confusing so I applied anyway and after 6 months I got a letter saying my application had been turned down.  I left it for 6 months and, after talking to Citizens Advice I applied again.  After just over 1 year I had a call from them asking for further information.  They did apologise for the delay but didn’t say what had caused it 

1 week later I checked my bank account and was pleasantly surprised to see a touch under £2k from the DWP  2 weeks later I got a 12 page letter telling me I had been awarded it,  but no details on how it was worked out. 

I’m convinced this must be one of the worst experiences with the DWP/PC ever, I can’t believe it was normal.    

whizzywoo

When I applied for Pension Credit I got a similar letter saying how much we had been awarded but no calculations.  However I knew from the rates applicable for various criteria what the amount should be.

The Benefit Calculators depend on you putting the correct information in and they are not all in the same format.  Sometimes the questions are obvious and sometimes not.

Pull up the Pension Credit Rates table and calculate it manually.  That's what I do.
Scroll down in the link until you get to Pension Credit.
https://assets.publishing.service.gov.uk/media/660d236c38f66c001184a967/benefit-pension-rates-2024-2025.pdf

However when you get the annual increase letter each Spring it usually has the calculation included in it.
Alternatively you could ask them for the calculation.