The Djsonly certain state pensioners who are said to have saved for retirement can receive the benefit
The Department for Work and Pensions offers a benefit called 'Savings Credit' which is available exclusively for specific state pensioners with more money, worth £990.08. The DWP created this benefit to reward individuals who have set aside money for their retirement.
Guarantee credit increases your weekly income to a minimum standard, while savings credit rewards you with extra money if you have some savings or an income higher than the basic state pension. The eligibility for savings credit is limited only to those who attained state pension age before 6 April 2016 and are recipients of the basic state pension.
in her discussion with The Telegraph. She highlighted that "This may seem a bit counterintuitive – a benefit that pays more to people who already have more – but it's a way of incentivising and rewarding those who've made modest retirement savings.", reports Birmingham Live. To be eligible for savings credit you must have reached state pension age before April 6, 2016, and have put some funds aside for your retirement, such as a workplace pension or a savings account. Even if one doesn't qualify for the guarantee credit portion of Pension Credit, they may still be entitled to receive savings credit.
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