Savings credit concern.

Sweey_as_a_nut

I have been getting for the last 5 years savings credit. This year the 5 years is up and and they sent me forms to fill in to see if I am still eligible. Well I have not had a reply off them, other than to say all is in order. I have not had a letter saying that I am ok for another 5 years, although I still get savings credit.

Why is this, is it perhaps, they wont commit themselves because they just might have to stop it because of the countries problems or is it the fact I am getting older and might not reach another 5 years.

Any views on this.

Biggles

Sweey_as_a_nut wrote: »

Well I have not had a reply off them, other than to say all is in order.

So, you have had a reply?

Sweey_as_a_nut

Yes I had a reply, my concern is, that they have not said it's for another 5 years as they done the first time. So I was wondering have anyone else had this happen to them? And is it the normal procedure.

greyfox

The rules changed a while ago. They used to ask for details of your pensions and savings etc every 5 years. Now, if you're 75+ when they get these details (either when you first make a claim or at the end of a 5 year period which started before you were 75) they won't normally ask you for details again - although you should tell them if, for example, your savings go down as you may be entitled to more.

Hope this helps.

Sweey_as_a_nut

Thanks Grayfox, did not realise rules had changed. So now I know.

Old_Wrinkly

Can anyone provide a link to the rules, please?

Sweey_as_a_nut

Try here

http://www.direct.gov.uk/en/Pensionsandretirementplanning/PensionCredit/DG_180167?CID=pension_credit&CRE=pension_calculator

greyfox

Detailed information about the Pension Credit rules are here (sorry, can't post link but replace the "*"s with full-stops) www*dwp*gov*uk/docs/pc10s-nov09*pdf

Have a look at page 56, which explains what is known as the "Assessed Income Period". This guide is written for advisors, so when it says "your customer" it means "the person claiming (or getting) Pension Credit.

I slightly simplified in my first reply when I said the indefinite period applied if you were over 75 when your pensions and capital were looked at: it's actually if you're over 80 at that point OR would be over 80 when the "normal" period would end. However, as the "normal" period is almost always 5 years it comes to the same thing for most people!