Pension credit and ISA

rakesh_2

Hi

I will be applying for Pension Credit but i was just reading that if i have more than £6000 or more in "savings" i may get a reduction in the benefit. However, does this apply if you have ISA savings as well. The only savings I have are in cash ISA's (£24,000) and no other savings.......

Thanks

[Deleted User]

rakesh wrote: »

Hi

I will be applying for Pension Credit but i was just reading that if i have more than £6000 or more in "savings" i may get a reduction in the benefit. However, does this apply if you have ISA savings as well. The only savings I have are in cash ISA's (£24,000) and no other savings.......

Thanks

Isa`s are treated in exactly the same way as any other savings
from the dwp site:

When working out the amount of Pension Credit you might get, we don't need to know about any interest or dividends you get from your savings. Instead, we look at the amount of savings you have and count £1 a week as income for every £500 or part of £500 over £6,000. (This figure is over £10,000 if you live permanently in a care home).
The savings and investments we take into account include:

• Money in a bank, building society or post office account
• Any savings you or your partner keep at home
• National Savings Certificates and Premium Bonds
• Investments like ISAs and PEPs
• Shares or unit trusts
• Income bonds, capital bonds or granny bonds
• Property and land (but not including the place where you normally live)