Savings Credit

E282252

Savings Credit is a means-tested benefit in the UK that provides additional financial support to certain older people who have modest retirement savings or income.

All labels observed (1)

Label Occurrences
Savings Credit canonical 2

How this entity was disambiguated

Statements (47)

Predicate Object
instanceOf UK welfare benefit ⓘ
means-tested benefit ⓘ
social security benefit ⓘ
administeredBy Department for Work and Pensions ⓘ
affectedBy capital and savings above certain thresholds ⓘ
other income ⓘ
affectedByReform introduction of the new State Pension in April 2016 ⓘ
appliesTo Great Britain ⓘ
benefitsTargetGroup older people ⓘ
pensioners with modest retirement income ⓘ
pensioners with modest retirement savings ⓘ
benefitType income-related benefit ⓘ
benefitUnit individual or couple ⓘ
calculationBasis amount of retirement savings and pension income ⓘ
level of qualifying income ⓘ
canAffect entitlement to other means-tested benefits ⓘ
canBeReceivedAlongside Guarantee Credit ⓘ
country United Kingdom ⓘ
eligibilityCriterion means-tested ⓘ
must be over a qualifying pension age ⓘ
must be resident in the United Kingdom ⓘ
subject to capital and savings rules ⓘ
subject to income limits ⓘ
governedBy UK social security legislation ⓘ
hasEquivalentOrRelatedScheme separate but similar arrangements in Northern Ireland ⓘ
introducedAsPartOf Pension Credit reform ⓘ
introducedBy UK Government ⓘ
linked to: UK government
introducedInYear 2003 ⓘ
isComponentOf UK pensioner income support system ⓘ
isSubjectTo periodic review of entitlement ⓘ
languageOfAdministration English ⓘ
legalForm non-contributory benefit ⓘ
linkedTo Guarantee Credit ⓘ
partOf Pension Credit ⓘ
paymentFrequency regular ongoing payment ⓘ
paymentMethod cash benefit ⓘ
policyGoal to incentivise saving for retirement ⓘ
to reduce pensioner poverty ⓘ
purpose to provide additional financial support in retirement ⓘ
to reward people who have made modest provision for their retirement ⓘ
requires claim to be made to the Pension Service ⓘ
requiresDisclosureOf all sources of income ⓘ
savings and capital ⓘ
statusForNewClaimants closed to most new claimants after the introduction of the new State Pension ⓘ
targetedAt people whose income is just above the basic minimum guaranteed level ⓘ
people with modest occupational or personal pensions ⓘ
taxStatus not taxable ⓘ

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Pension Credit → hasComponent → Savings Credit ⓘ
Pension Credit → component → Savings Credit ⓘ
subject linked to: PC