11. Income equivalent to the guaranteed minimum for normal requirements
If the same pensioner also has £20 SERPS the top up would be £40. The savings credit would be the maximum (£13.80) i.e. £23 of relevant income above the basic state pension rate x 60%.|
12. Income between the guaranteed minimum for normal requirements but below the personal guaranteed minimum
A single pensioner aged 66 is caring for an elderly relative. She has basic state pension of £77 and £53 SERPS. A top up of £10 will be appropriate to bring her income to the £140 personal guaranteed minimum. As her income is above the guaranteed minimum for normal requirements but does not exceed her personal guaranteed minimum the maximum £13.80 savings credit will be payable.
13. Income above the personal guaranteed minimum
A single pensioner aged 68 has housing costs of £30 per week and income of a basic state pension of £77 and a second pension of £60. No top up is payable as the income exceeds the personal guaranteed minimum of £130. The maximum savings credit of £13.80 is reduced by 40% of the amount over the personal guaranteed minimum i.e. £7 x 40% = £2.80, making the savings credit £11. The total income will be £77 + £60 + £11 = £148.