Pension Credit - what's classed as income
stampman63
Posts: 2 Newbie
Hi
I am currently receiving pension credit however following a new assessment this year the DWP have reduced it. I have an Aviva (formerly CGNU) Portfolio/Life assurance bond which they have in the past disregarded it as income. I have had the bond 11 years and have taken no income from it and nor do I know its true worth until I surrender it or its paid out on death for either myself or my wife. Anyone know the rules
regarding disregarded income I've recently had a heart attack and I would like to be clear on the rules before I write to them again.
I am currently receiving pension credit however following a new assessment this year the DWP have reduced it. I have an Aviva (formerly CGNU) Portfolio/Life assurance bond which they have in the past disregarded it as income. I have had the bond 11 years and have taken no income from it and nor do I know its true worth until I surrender it or its paid out on death for either myself or my wife. Anyone know the rules
regarding disregarded income I've recently had a heart attack and I would like to be clear on the rules before I write to them again.
0
Comments
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Investment bonds are not included in the means test for capital. However, if you draw an income from them then the income is included (but still not the capital).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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