Lifehacks

What are the new rules for pension credit?

What are the new rules for pension credit?

To qualify for pension credit you must: If you’re in a couple, you’ll BOTH need to have reached state pension age. You don’t have to be married or in a civil partnership, you’re considered a couple if you live together. For couples, one partner claims and gives income and savings details for both partners.

How much was state pension 2009?

Basic State Pension

Single Person
Date effective per week per annum*
April 2010 £97.65 £5,077.80
April 2009 £95.25 £4,953.00
April 2008 £90.70 £4,716.40

How much is Pension Credit at the moment?

Pension Credit comes in 2 parts: Guarantee Credit tops up your weekly income to a guaranteed minimum level: £177.10 if you’re single. or £270.30 if you’re a couple.

Are pensions linked to RPI or CPI?

Defined benefits and annuities often have indexation based upon RPI. For some members all or some of their defined benefit pensions will be linked to RPI. For members with pensions linked to RPI that are paid after 2030, this will mean that over time their pension will increase by a smaller amount.

When do you use the RPI for pensions?

The RPI is used when calculating increases in State pensions, many private pensions, some State benefits and student loan rates. It is also used by National Savings & Investments to calculate returns on Indexlinked Savings.

What was the RPI in March last year?

In March last year it was 211.3. This is a rise of 4.4%. The RPI is used when calculating increases in State pensions, many private pensions, some State benefits and student loan rates. It is also used by National Savings & Investments to calculate returns on Indexlinked Savings. How is this index calculated?

Why did the state pension go up in April?

Because the state pension rise in April is based on the RPI figure from September the previous year, not the latest one. This actually showed a year-onyear drop in prices of 1.4%. Despite this, in the pre-Budget report the Chancellor announced that the basic State pension would rise by 2.5% from this month.

What’s the increase in RPI in a week?

Increases are linked to earnings, not prices. It has risen to £132.60 a week if you are single, up 1.02% from last year’s £130. The amount for couples is also up 1.02% at £202.40. Why haven’t student loans been frozen? Confusingly, the interest rate for these is based on the March RPI figure and comes into effect in September.