Pension Credit: What happens at age 65

alwaysonthego_2

Oldernotwiser wrote: »

Having cocked up my previous advice, can I hesitantly suggest that you're using the basic SP figure when many people get extra with the State Second Pension/Serps?

There are other parts of the better off calculator that we use to enter the extra pensions other than the basic state pension. Many people I see only recieve the basic SP.

Every over 60 is guaranteed at least £130 if single and £198. if a couple, which over 65 would be made up of SP, any extra pension and PC if not exceeding the maximum the government believe that they can live off which is listed above.

DarkTower

Many thanks for all the info, I am busy sorting through all the relevant details; it's minefield! Just to add a few more details in case of further relevance:
I will only be eligible for the basic SP which as quoted for a married couple is just under £200/week and indeed this amount is what I would normally receive as PC, however I do have a small private pension (which kicked in when I reached 60 £28/week) and this is deducted from my PC. Also deducted from the PC is the amount of SP my wife receives (£25/week) so cash-wise I am down to £145/week. If I am reading your replies correctly, at 65 I will automatically switch to the basic SP and I am guessing that my wifes' SP will then just be "lumped in" as a married couple. The big question mark is still the Council Tax and Mortgage. Again, cash-wise I don't expect to receive any more that the maximum £200/week but I am still worried as to how CT and Mortgage interest payments are factored in.

anmarj

DarkTower wrote: »

Many thanks for all the info, I am busy sorting through all the relevant details; it's minefield! Just to add a few more details in case of further relevance:
I will only be eligible for the basic SP which as quoted for a married couple is just under £200/week and indeed this amount is what I would normally receive as PC, however I do have a small private pension (which kicked in when I reached 60 £28/week) and this is deducted from my PC. Also deducted from the PC is the amount of SP my wife receives (£25/week) so cash-wise I am down to £145/week. If I am reading your replies correctly, at 65 I will automatically switch to the basic SP and I am guessing that my wifes' SP will then just be "lumped in" as a married couple. The big question mark is still the Council Tax and Mortgage. Again, cash-wise I don't expect to receive any more that the maximum £200/week but I am still worried as to how CT and Mortgage interest payments are factored in.

you will get your pensions seperately they will not be lumped together, ie you get yours and your wife gets hers, also note that as hers is under £57.05 per week (current figure) she can get a top up to 60% of your basic. You will not get switched over to state pension you still have to claim it. As I stated in my post, the mortgage interest will still be on the claim as present, but wether it gets paid to the lender or not will depend on what the entilement is after you reach 65 and your income ie pension credit for couple at present is £198.45 + mortgage interest. if after you turn 65 you loose the Guaranteed element the interest is still included but you are not paid the interest. if you did not have the interest on the pc claim then you would either be not entitled or entitled at a lower level. Council tax will depend on your element of PC, if you stay on Guaranteed then you automactically qualify, if you end up on Saving credit only you don't, they work out an amount based on the income coming in and that includes the savings credit element as well.