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Pension Credit has two parts: Guarantee Credit and Savings Credit. To qualify for Guarantee Credit the income of the applicant must be less than a specific amount and and either they or their partner must have attained the qualifying age. The relevant income level depends on the circumstances of the applicant, and is referred to as the appropriate amount; or more precisely, the appropriate minimum guarantee. The amount of guarantee pension credit a person can receive depends on the amount of money they have including savings and pensions. The Guarantee Credit people receive makes up the difference between their income and their appropriate amount. Guarantee credit raises income to the guaranteed minimum weekly amount determined by central government. The minimum age of eligiblity for guarantee pension credit is increasing. At the introduction of guarantee pension credit the minimum age was sixty; it is now over sixty-one, and it is scheduled to increase to sixty-six. Savings credit provides additional support for people with other sources of income during retirement, which results in their income exceeding a specific level - the Savings Credit starting point (Savings Credit threshold).












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Copyright (2007)