Savings allowed while on Benefits

merseymiser

We are an over 60's couple (both aged 63), I am unemployed with savings. My wife works 5 hours per week. What is the maximum figure in savings you are allowed before it affects your eligibility to Pension Credit. I get a small annuity of £203 per month. We also have £3600 each in ISA's.

Thanks in Advance

cw18

Your savings

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)

taken from here

slightly better than for IS, where I'm told the clawback is £1 for every £250 !!! And IS isn't payable at all if a couple has more than £16k in these savings, so the same may apply to Pension Credit?

merseymiser

Hi cw18 Thanks for your quick reply - who does "we" refer to? Also "IS"?

cw18

"we" is the people who decide whether or not you're entitled

IS is Income Support (what we younger members claim instead of Pension Credit)

merseymiser

Thanks CW18
Do I take it that you work for the Benefits Agency? (DPW?)
So you're not sure if the £16k applies to Pension Credit as well as IS - can anybody else advise?
Regards

redz

I used to work for DWP up until recently as a Pension Credit processor. The 16k limit doesn't apply for Pension Credit.

merseymiser

Thanks redZ.
Can you say if there is a definitive upper limit on savings - If so, what is it.

Regards

cw18

merseymiser wrote: »

Thanks CW18
Do I take it that you work for the Benefits Agency? (DPW?)
So you're not sure if the £16k applies to Pension Credit as well as IS - can anybody else advise?
Regards

no I don't work for them -- I'm finding my way around the system as I'm about to be made redundant and will then by officially classified as hubby's full-time carer.

merseymiser

cw18 Thanks for your help, Best of luck in your circumstances.
Regards