Business & Finance7 mins ago
Pension Credit And Savings
2 Answers
Please could someone tell me the current savings allowed before applying for Pension Credit?Also does the level of benefit vary according to amount saved.
Thanks
Thanks
Answers
If your savings are below £10,000 your Pension Credit isn't affected. If your savings are over £10,000 then the system assumes that each £500 (or part thereof) will generate £1 of income per week - although where anyone is expected to find an investment paying 10.4% p.a. in interest is beyond me! For example, if you've got £13,200 in savings then the...
18:18 Tue 10th Jul 2018
If your savings are below £10,000 your Pension Credit isn't affected.
If your savings are over £10,000 then the system assumes that each £500 (or part thereof) will generate £1 of income per week - although where anyone is expected to find an investment paying 10.4% p.a. in interest is beyond me!
For example, if you've got £13,200 in savings then the system sees that you've got 7 lots of £500 above the £10,000 limit (because the last £200 gets counted as a full £500), meaning that it's assumed that you get £7 a week in income from your savings (and thus reducing the Pension Credit top-up to your income by that amount).
https:/ /www.go v.uk/pe nsion-c redit/e ligibil ity
If your savings are over £10,000 then the system assumes that each £500 (or part thereof) will generate £1 of income per week - although where anyone is expected to find an investment paying 10.4% p.a. in interest is beyond me!
For example, if you've got £13,200 in savings then the system sees that you've got 7 lots of £500 above the £10,000 limit (because the last £200 gets counted as a full £500), meaning that it's assumed that you get £7 a week in income from your savings (and thus reducing the Pension Credit top-up to your income by that amount).
https:/