worried over deprivation

Housing_Benefit_Officer

tonyciclo wrote: »

Thanks that is very interesting to know. Our period comes to an end next June so if we can arrange for dad's estate not to be closed until the new period is set we can do what we want? By the time the next time will be in 2019 and we won't have the money. You have given me the answer tahnks so much.

You could drag things out until after the next AIP starts. If the Government are silly enough to create these rules then use them for your advantage. Speak anonymously to Pension Credits to clarify the rules. If you receive the money after your next AIP starts then probably another 5 years of Pension Credit and full help towards rent/council tax.

Guidance indicates if you receive the money after the next AIP starts then you don't have to tell them.

http://www.dwp.gov.uk/publications/specialist-guides/technical-guidance/pc10s-guide-to-pension-credit/assessed-income-period/

Changes to capital during an assessed income period

Your customer does not have to tell us about changes to their capital during the assessed income period. However, if their capital changes and they think they could be entitled to more Pension Credit, they can tell us and ask for their Pension Credit to be recalculated. If this happens, we will ask for details of all (non-state) pension, annuity income, any equity release payments and capital at that point.

If the total is less than the figure we have been using, their Pension Credit will go up. If the total is the same as, or more than, the figure we have been using, their Pension Credit will stay the same.

lld01

tonyciclo wrote: »

Thanks that is very interesting to know. Our period comes to an end next June so if we can arrange for dad's estate not to be closed until the new period is set we can do what we want? By the time the next time will be in 2019 and we won't have the money. You have given me the answer tahnks so much.

Actually that's not the answer you want, because an AIP (Assessed Income Period) will not be set if you are expecting a lump sum in the near future, ie an inheritance. And the Pension Service will know that you're expecting it.

However, during an AIP, you can do whatever you want with your savings / capital. So if you inherit the money then give it to your sister before the AIP ends, Pension Credit won't need to know or care.

Just don't do it days / a couple of weeks before as this may raise suspicions that you have hidden it somewhere.

SkyeKnight

tonyciclo wrote: »

No we don't need the money we get more than enough from pensions and pension credit.

If you claim pension credit then you, by definition, don't have enough money!! Surely £220k would enable you to live in great comfort for the rest of your days without any pension credit?? Actually, would £100k be enough to replace your Pension Credit? And give the rest to your sister to buy a house with - then she would have £350k which should get her at least a two bed.

Housing_Benefit_Officer

lld01 wrote: »

Actually that's not the answer you want, because an AIP (Assessed Income Period) will not be set if you are expecting a lump sum in the near future, ie an inheritance. And the Pension Service will know that you're expecting it.

However, during an AIP, you can do whatever you want with your savings / capital. So if you inherit the money then give it to your sister before the AIP ends, Pension Credit won't need to know or care.

Just don't do it days / a couple of weeks before as this may raise suspicions that you have hidden it somewhere.

If you can post a link to the guidance that states this - would be helpful.

lld01

Housing_Benefit_Officer wrote: »

If you can post a link to the guidance that states this - would be helpful.

http://www.dwp.gov.uk/docs/dmgch83.pdf

83041 refers to the fact that an AIP will not be set if capital (ie "retirment provision") is likely to change in the next 12 months..

is that what you wanted?

Housing_Benefit_Officer

lld01 wrote: »

http://www.dwp.gov.uk/docs/dmgch83.pdf

83041 refers to the fact that an AIP will not be set if capital (ie "retirment provision") is likely to change in the next 12 months..

is that what you wanted?

Put off the settling of the estate to July 2015!

ampersand

OP - please remove your address from post no.8 immediately.

You should never include such details for everyone to see.

I wish you well in achieving your wish for your sister.

lld01

Housing_Benefit_Officer wrote: »

Put off the settling of the estate to July 2015!

Haha
Yes but the AIP still will not be set if there is an expected income/windfall/inheritance. If its expected "within 12 months" of the AIP date, which it would be in this case, then an AIP will not be set. The pension service will the look to set it (and adjust the pension credit) when the inheritance (or whatever it is) occurs.

mountainofdebt

tonyciclo wrote: »

Thanks everyone. I understand about the inheritance tax part, that has already been paid. As I see it we need the pension credit to top our income up and don't think that dad would be happy if his money was scandered away every week if we lost it. I do know that if I did take my half and used it with the sale price we get for our home and buy a new home they couldn't touch it. All I want is my sis to have her own home. We do have an income period for pension credit but it is up for a recjeck next june. So it seems that to keep our income I have to take my half and buy a new house. Seems a bif wrong that she can't have it to do the same.
I had better get some help I think from a lawyer or CAB.

It would be only swandered away if you swandered it.

I'm not happy at the thought of you giving away £200K so I, as a taxpayer, can continue giving you £120 per week not to mention the associated benefits you receive being on pension credit.

This might seem abit harsh but its attitudes like this to the welfare system that will lead to its dismantling and then the people who do need help will be up **** creek.

SandraScarlett

Am expecting a post about driving a Freelander.

xx