Pension Credit

bristleposh

I am entitled to claim the above credit but am worried that it may be affected by the amount of savings I have. I haven't got a lot but have an old banger that needs replacing and am wondering if there is a limit to what I can declare if I would be better getting a new car so I can get below any limits before declaring my hand.I worked hard but was made redundant and now find I may be punished for being too frugal in the past.

xylophone

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS48_Pension_Credit_fcs.pdf?dtrk=true

bristleposh

xylophone wrote: »

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS48_Pension_Credit_fcs.pdf?dtrk=true

Thanks for that, I had googled something similar, it would appear that 16k is the cut off I am we'll short of that, so I assume I'll have to put up with the older banger for a while longer.

hugheskevi

Capital below £10,000 is disregarded. Anything above that starts to affect the calculation.

There isn't a cut-off as such (extra capital reduces entitlement, potentially to zero, but there is no upper limit of savings that automatically reduces entitlement to zero). That is where the £16,000 figure comes in, but that is speculative about possible future change to introduce an upper limit.

bristleposh

Thanks for your advice and assistance