The State Pension Credit Regulations 2002

[F1 Indicative SPC amount

5.— (1) The indicative SPC amount is the weekly amount to which a claimant would be entitled if an award of state pension credit were calculated in accordance with the Act and these Regulations by reference to the claimant’s circumstances on the migration day—

(a) disregarding any amount of working tax credit to which the person may be entitled on that day;

(b) including an additional amount in accordance with Schedule IIA (additional amount applicable for claimants responsible for a child or qualifying young person); and

(c) applying the assumptions in sub-paragraph (2).

(2) The assumptions are—

(a) the claimant is responsible for any child or qualifying young person in respect of whom the individual element of child tax credit is payable;

(b) the amount of the claimant’s earned income is the annual amount of any employment income or trading income, as defined by regulation 4 or 6 respectively of the Tax Credits (Definition and Calculation of Income) Regulations 2002, by reference to which the representative weekly rate of that tax credit is calculated for the purposes of paragraph 4(1) converted to a net weekly amount by—

(i) dividing by 52; and

(ii) deducting such amount for income tax and national insurance contributions as the Secretary of State considers appropriate.

(3) If the claimant would not satisfy the condition in section 2(1) (guarantee credit) of the Act because the claimant has income which exceeds the appropriate minimum guarantee, the claimant is to be treated for the purposes of calculating the indicative SPC amount as if they were entitled to a guarantee credit of a nil amount.]

Textual Amendments

F1 Sch. 2B inserted (8.6.2024) by The Social Security (State Pension Age Claimants: Closure of Tax Credits) (Amendment) Regulations 2024 (S.I. 2024/611), regs. 1(1), 4(5)