cut off point for savings

[sjones56]

What is the maximum savings can an OAP have before receiving income benefits?

My mum says it's �20,000, but I think it's �16,000

Please could you settle the argument!!!

Thanks

[sara3]

if it's Income Support or Pension Credits, anything over �6k in capital will still to reduce the amount of benefit. �16k is the cut off point.

http://www.jobcentreplus.gov.uk/jcp/Partners/a llowancesandbenefits/Dev_010010.xml.html

[sara3]

*start to reduce.. not still. doh!

[sjones56]

Thank you both, the information is very useful. Never had to claim anything in the past, so all this is new to us - it's a case of 'don't look a gift horse in the mouth'!!

[themas]

OAPs get Pension Credit and not Income Support. For Pension Credit there is no upper limit on savings, but above a certain figure (I think its �6000) the savings are assumed to produce some income (�1 per week for each �500 of savings) which is added to the other income in calculating the entitlement.