# What is Savings Credit in Pension Credit?

> Quick answer · Last updated 4 July 2026

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## In short

An extra Pension Credit payment for people who saved for retirement and reached State Pension age before 6 April 2016. New claims after that date usually receive Guarantee Credit only — Savings Credit is being phased out for new recipients.

Guarantee Credit tops up weekly income to a minimum level. Savings Credit rewarded modest savings and pensions above the basic State Pension for those already in the system.

If you already receive Savings Credit you may keep it, but most new claimants from 2016 onwards only get Guarantee Credit if eligible.

Check Pension Credit eligibility — up to £3,900 a year is estimated to go unclaimed.

## Related

- [Pension Credit missing out](https://moneyguide.org.uk/benefits-tax/pension-credit-missing-out/)
- [What is Pension Credit?](https://moneyguide.org.uk/answers/what-is-pension-credit/)
- [Am I eligible?](https://moneyguide.org.uk/eligible-for/pension-credit/)

## Primary source

gov.uk/pension-credit

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.