Definition: Pension Credit is an income related benefit made up of 2 parts - Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it's below Â£142.70 (single people) or Â£217.90 (couples)(figures correct at Nov 2012). Savings Credit is an extra payment for people who have saved some money towards their retirement, eg a pension. You don't pay tax on Pension Credit.
Credit: UK Government