The State Pension Credit Regulations 2002

Savings Credit

7.—(1) The percentage prescribed for the purposes of determining—

(a)the maximum savings credit is 60 per cent.;

(b)“amount A” in section 3(4) is 60 per cent.;

(c)“amount B” in section 3(4) is 40 per cent.

(2) The amount prescribed for the savings credit threshold is [F1£189.80] for a claimant who has no partner and [F1£301.22] for a claimant who has a partner.

(3) The maximum savings credit shall be taken to be Nil in the case of—

(a)prisoners; and

(b)members of religious orders who are fully maintained by their order.

[F2(4) If a calculation made for the purposes of paragraph (1)(b) or (c) results in a fraction of a penny, that fraction shall, if it would be to the claimant’s advantage, be treated as a penny; otherwise it shall be disregarded.]

Textual Amendments

F1Sums in reg. 7(2) substituted (coming into force in accordance with art. 1(3)(k) of the amending S.I.) by The Social Security Benefits Up-rating Order 2024 (S.I. 2024/242), arts. 1(3)(k), 29(3)