The pension credit will have two parts - a guarantee credit and a savings credit.
The guarantee credit is essentially the latest rebranding of income support for pensioners.
And for those who are eligible for the guarantee credit, the £16,000 savings ceiling will no longer apply.
The Guarantee Credit tops up weekly income to a "standard minimum guarantee" (£142.70 a week for a single person, £217.90 for a couple, in 2012/13).
Those with income above the guarantee credit threshold will also lose out - though their loss in percentage terms will be smaller as they will be getting less in the first place.
It currently comprises two parts - guarantee credit (which tops up your income to £145.40 a week if you're single or £222.05 if you're married or in a civil partnership) and saving credit (up to £18.06 a week for a single person, £22.89 for married couples/civil partners).
AND you are 75 or over (and receiving the Guarantee Credit element of Pension Credit).
The Other segment includes credit guarantee, credit card, consignment of office work, investment management, and advisory services.
Why? "To prevent an unacceptable window of risk to consumers worldwide and to guarantee credit where it was due".
OR you are under 75 and are only getting the Guarantee Credit element of Pension Credit (if you also receive Savings Credit, you won't qualify).
Those who have savings of more than £16,000 are not eligible, unless they are also receiving the guarantee credit part of Pensions Credit.
