means tested benefits

paberley1

Anyone else noticed when claiming for these that they count you as earning £1 PER WEEK for every £250 if under 60 or £500 if over 60 you have in savings/equity( Over 6K) What planet are they on when they expect you to get that back in interest! I think, though I'm not sure it works out at around 8% if you are under 60 and around 4% if you are over. I wish the Government would let me put my cash in an account that pays that much!

I have discovered this trying to get pension credits for my dad who is 61. He owns a small very poor quality piece of land and because of this daftness doesnt qualify. Should we petition the pm to change the value to something more realisitc on his website. EG £1 per £1500 which (i think) works out at 1.38%, About right dont you think!!!!! this value should change with the base rate just like mortgages,loans etc.

healy

It is the amount for a tariff income, it does not necessarily relate to interest rates and the return that you will get.

paberley1

what the devil is a tarriff income? Am I just being thick?

healy

paberley1 wrote: »

what the devil is a tarriff income? Am I just being thick?

Tariff income is the assumed income from the capital over the lower capital limit but it does not relate to any particualr interest rate.

Oldernotwiser

"Tariff income" assumes you're drawing down and spending part of your savings, not just the interest from it.