Pension Credit

[hardy49]

If somebody has savings of approx £35,000, will they be able to receive pension credit.

[factor-fiction]

I think the cut off point is much, much lower than that

[gingejbee]

No.

[factor-fiction]

http://pensions-service.direct.gov.uk/en/pension-credit-calculator/calculate.asp

[factor-fiction]

This is a better link
http://www.ageuk.org.uk/money-matters/claiming-benefits/means-tested-benefits/

[Svejk]

when I filled the forms in for someone, you lost £1 of pension credit for every £500 of savings above £16,000.

[gingejbee]

....yes, apparently. Heaven only knows why.

[EDDIE51]

The first £10,000 is disrequarded, then every £500 is assumed to give you an income of £1 a month in intrest . So £35,000 would be assumed to give you £25 a month income. You just take this assumed income and add it in with any other income to work out how much pension credit you can get. Pension credit garantees an income of £246 a week for a couple or £164 ( I think) for a single person.

[factor-fiction]

Hi eddie- yes, the calculation is done as you say but in the case of a £35000 savings figure the deemed monthly income would be £50 a month

[EDDIE51]

FF ^^yes I was in a rush and got it wrong.

[factor-fiction]

I was in a rush too- are we not both wrong? Isn't the assumed income £1 a WEEK (not per month) per £500 of assumed savings so £35000 savings, after the £10000 disregard, would be assumed to give £50 a week