Previously known as Minimum Income Guarantee or Income Support. Provides people aged 60 and over with a minimum level of income, and gives extra income to people aged 65 and over who have modest incomes and have made savings for their retirement
This is the amount of the member's pension benefits that is awarded to an ex-spouse, under a pension sharing on divorce order.
a measure of the value of the benefit you earn for the year under a DPSP, or under a defined benefit or money purchase provision of an RPP
An income-related benefit for people aged 60 or over living in the UK that provides, or contributes to, a guaranteed level of income.
The amount of benefit rights that the ex spouse of a scheme member becomes entitled to following a pension sharing order.
The part of a member’s pension fund that is allocated by Court Order to an ex-spouse upon divorce.
Pension Credit, which became payable in October 2003, provides a guaranteed level of income for all pensioners aged 60 and over, below which none of them will fall. It is an entitlement, not a benefit, which is applied for, not claimed.
The Pension Credit is a means tested benefit available to people aged over 60. It has two parts – a ‘guarantee credit' and a ‘savings credit'. People will only be eligible for the savings credit if they are (or a member of their household is) over 65.
