Pension Credits

[hardy49]

A couple have a small monthly pension of about £280 a month, and are receiving a Pension Credit of £132 a week.
They decide to sell their house and buy somewhere cheaper, and after everything is settled and any debts settled they are left with about £40-50,000 in the bank- do they automatically lose their Pension Credit, even though they haven't any extra income ?

[aelmpvw]

savings are taken into account when calculating pension credit

[hardy49]

Thank you

[Old_Geezer]

No expert but, If they have released savings then surely they now have interest income ? (That besides any eligibility issues now.)

[queen 1954]

http://www.nidirect.gov.uk/income-benefits-and-pension-credit

[237SJ]

There are two pension credits - guaranteed pension credit which tops up income and saving credit which rewards people for making their own pension provision. There are limits on savings with that but the calculator will help

https://www.gov.uk/pension-credit

[themas]

From the figurs you give at present they must be on guaranteed pension credit. sometimes people on that have what is called an "assessed income period" often 5 years, and during that period their benefit is not affected by most changes. If they are not in such a period, they will not necessarily lose the whole pension credit amount. They need to notify the Pension Service & get any necessary recalculation done.