Am Not The Brightest

[JinnyJoan]

re the latest on pensions, savings etc but is it true one is only allowed £10,000 savings, is there no winter fuel allowance this year for pensioners, who received pension credits.

 

if you have more £10,000 savings does that mean your rent is no longer paid for - sorry - just don't know

[newmodarmy]

//is there no winter fuel allowance this year for pensioners, who received pension credit//

The fuel allowance will still be paid to those on pension credit. It's those not on PC who'll lose it

[JinnyJoan]

i have never been on pension credit but I always got the WFA - newarmy - what about the savings business.  Are you only allowed £10,000 savings

[barry1010]

Only pensioners who get pension credit will get the Winter Fuel Allowance from this yesterday.

If you have £10,000 or less in savings and investments this will not affect your Pension Credit.

 

If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week. Your income must not exceed £218.15 a week to qualify for pension credit 

 

 

[cashier]

Is your rent paid for? It is not likely to stop because you have more than £10000. That is regarding pension credit.

[barry1010]

Savings does not affect WFA

[newmodarmy]

//Question Author

i have never been on pension credit but I always got the WFA - newarmy - what about the savings business.  Are you only allowed £10,000 savings//

You're conflating two issues jinnyjoan.

Savings over £10K affect entitlement to pension credit. You don't get pension credit- presumably you don't qualify, either because of your savings or your income.

If you aren't entitled to pension credit you'll no longer receive a winter fuel allowance.

[JinnyJoan]

Barry I need to become a mathematician - no I meant the over £10,000 savings business as I guess means tested benefits - no I own my house but do know a few people who have more than £10,000 and so they would be worried if their rent stopped etc. 

[barry1010]

The over £10k savings in respect of what? Pension credit or something else? For you or someone else?

[davebro3]

//You don't get pension credit- presumably you don't qualify, either because of your savings or your income.//

But it's said that over a million who should qualify for pension credit don't actually claim it. So it's worth sitting down with someone who knows (CitizensAdvice/ Age Concern?), going through your finances & making a claim if you DO qualify.

[JinnyJoan]

10,000 savings in respect of their rent for some friends (not me) thanks God I own my own house from 1992

[barry1010]

What benefits do they get?  Pension credit, universal credit, something else?

[barry1010]

If she is on Pension Credit any savings above £10k counts as additional weekly income.  £2 a week for every £1k above £10k.  If that takes her weekly income over £218.15 she will lose pension credit 

[cashier]

I think she means will they lose housing benefit. 

[barry1010]

Pensioners only get housing benefit if they qualify for pension credit.  Lose pension credit and you lose the housing benefit .

I think the rules are different if you live in a nursing home or sheltered housing 

 

 

[Maydup]

So far there is no talk of changing the criteria for pension credit or housing benefit. It was only the Winter Fuel Allowance that was changed today.

[nicebloke1]

Doing a great job SK plugging all the holes that are leaking billions.

[newmodarmy]

Does that mean you would have supported the Cons on this issue if when in government they'd proposed to cut WFA for most pensioners. 

Anyway, it's interesting to know you support it now and will no doubt support other cuts in spending or tax rises.

There is one person, an ally of yours, who has been very quiet on this issue which is a shame.

I think a fairer way would have been to tax all WFAs at each pensioner's marginal rate- so they'd have got 20% or 40% of the WFA back from the better off pensioners, and those just above the pension credit threshold would have still got all or most of their WFA.

[barry1010]

Who is your last post directed to, newmod?

[youngmafbog]

//I think a fairer way would have been to tax all WFAs at each pensioner's marginal rate//

Actually thats a good idea, hadnt thought of that one.  Plus it costs very little to do that. My guess is that there wont be much saved this year due to the admin of it all.  They could find themselves out of pocked too if all those elegible start claiming the credit, and there are a fair few that dont at the moment.