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pension savings credit
supersnad
Posts: 2 Newbie
I've just been informed that i'll receive pension savings credit along with my pension when i retire in 2 months as i've been awarded this as i've a couple of small pensions other than the state pension.My query is i have informed the DWP an amount of savings i have in the bank when i asked for a forecast but i have a bit more in the bank.If i declare the savings is more than stated at the time will this effect my saving credits.Stated savings £3,500. actual savings £7,500.
Brian
Brian
0
Comments
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the limit is £10,0000
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Like woodbine says, it won't make any difference as anything under £10k is ignored. So absolutely no need to tell them.
In general, the award letter you got will say what changes you do need to tell them about (there's lots of stuff you don't need to tell them about until your assessed income period ends).0 -
Sounds daft I know but savings credit is nothing to do with savings !
here's a link to clarify
http://www.direct.gov.uk/en/Pensionsandretirementplanning/PensionCredit/DG_10018692I'll get you, my pretty, and your little dog too!0
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