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pensioner savings allowance
Comments
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seven-day-weekend wrote: »
So as he has £15000 of capital, it seems that for means-tested purposes he must add £10 a week to his income for the purpose of the means test. This may put him over the minimum income mentioned above that qualifies him for Pension Credit.
The current level of his savings doesn't matter as long as he declared his savings accurately and honestly when he claimed the pension credit. Otherwise he committed fraud. Whether he had the money in a bank or in a flower pot in the garden is irrelevant.
When he got the pension credit, he will have been given an Assessed Income Period and the Pension Service won't be interested in his savings until he is reassessed at the end of that period.0 -
Thank you very much for your response. I will check all details with him. So if he has £10000 in the bank then he is ok and none of his current income (by whatever means) is effected
Yes, that is correct. Tell him he can dig it up out of the garden.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
looks like he will have to leave £5,000 buried somewhere!! Men!seven-day-weekend wrote: »Yes, that is correct. Tell him he can dig it up out of the garden.0 -
I really don't think he has pension credit come to think of it! Maybe he has not exactly told me all the details or he has witheld some info. But I'll tell him he can have £10,000 and he is ok.sleepless_saver wrote: »The current level of his savings doesn't matter as long as he declared his savings accurately and honestly when he claimed the pension credit. Otherwise he committed fraud. Whether he had the money in a bank or in a flower pot in the garden is irrelevant.
When he got the pension credit, he will have been given an Assessed Income Period and the Pension Service won't be interested in his savings until he is reassessed at the end of that period.0 -
sleepless_saver wrote: »The current level of his savings doesn't matter as long as he declared his savings accurately and honestly when he claimed the pension credit. Otherwise he committed fraud. Whether he had the money in a bank or in a flower pot in the garden is irrelevant.
When he got the pension credit, he will have been given an Assessed Income Period and the Pension Service won't be interested in his savings until he is reassessed at the end of that period.
he is under 65 so the AIP would not apply0 -
sleepless_saver wrote: »When he got the pension credit, he will have been given an Assessed Income Period and the Pension Service won't be interested in his savings until he is reassessed at the end of that period.
Assessed Income Periods are only available for the over-65s. - OP's friend is only 61.0 -
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