State Pension Credit Act 2002 comes into force
Implementation date: 6 October 2003
The Act creates a new state pension credit for people aged
60 and over. The first component of the state pension credit is the guarantee
credit, which fulfils the same role as the previous minimum income guarantee.
The second element is the savings credit, which provides supplementary income to
those single pensioners aged over 65, and those pensioner couples where at least
one spouse is over 65, who have modest amounts of 'qualifying income' above the
'savings credit threshold'. The Act can be viewed on the OPSI website.
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