State Pension Credit Act 2002 Elizabeth II. Chapter 16

Format:

Corporate Author:

Great Britain

Publisher:

TSO (The Stationery Office)

The Act introduces a new State Pension Credit for persons aged 60 and over. This subsumes the Minimum Income Guarantee (the minimum level of Income Support payable to persons aged 60 and over under Part 7 of the Social Security Contributions and Benefits Act 1992). State Pension Credit (also known as "Pension Credit") comprises two elements: (i) a guarantee credit, to ensure a minimum level of income to those aged 60 and over; (ii) a savings credit which will, from age 65, provide an additional income for pensioners who have low or modest incomes in addition to the basic state pension.