Pension Credit
Pension Credit is the principal element of the UK welfare system for poorer people of pension age. It is intended to supplement the UK State Pension). It was introduced in the UK in 2003 by Gordon Brown, then Chancellor of the Exchequer (and subsequently Prime Minister). It has been subject to a number of changes over its existence, but has the core aim of lifting a large number of the poorest retired people out of poverty.
Eligibility may be estimated on a government website.
Original core elements
The scheme was introduced to replace the Minimum Income Guarantee, which had itself been introduced in 1997, by the same Gordon Brown. Pension Credit had two elements:
Guarantee Credit is an income based benefit which is paid if the income of the applicant and partner (plus a notional income from savings) is below a certain level (£148.35 per week for a single person and £226.50 per week for a couple in 2014/15). The minimum age for claiming is rising in line with the increase in women's retirement age (see State Pension age). It is currently 62, but by April 2020 the minimum age for claiming will be 65.