MSE Pension Credit Guide
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Thanks folks,
Helen
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Pension Credit guide.
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Thanks folks,
Helen
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Until recently he has been claiming state pension plus a small amount of a Guarantee Credit and Savings Credit.
He is about to claim a private pension which will take his total income to £185 a week plus a lump sum of £18,000. Now they are assuming he gets £18 per week from this which is, of course, ludicrous as savings rates are nothing like that!
He has been told (and this is the bit I don't understand) that he can claim savings credit of £16.80 a week as they pay 60 p in the pound for qualifying income from £130.35 - £148.35. BUT they then say we take off 40p in the pound of the total income from £148.35 - £190.35 which is also £16.80 so he won't be entitled to anything. I have read lots of benefit advice for him and couldn't see anywhere about them taking back the money.
Can anyone provide some sort of Gov reasoning?
Many thanks
See http://forums.moneysavingexpert.com/showthread.php?p=64992965#post64992965 post 2
If you are in an AIP then the pension credit and the housing benefit would both be unaffected, and you can do what you want with the money until the end of the AIP. .
for a comprehensive explanation.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382867/proposed_benefit_and_pension_rates_2015_to_2016.pdf
For those on Pension Credit Savings only, you will be shocked to see that the maximum you can get has been reduced from £20.70 pw to £17.43 pw
For me that means of the £301 a year increase of my pensions I will only get £124!
IMHO that is SCANDALOUS!
The fat cats get richer and the pensioners poorer!
http://www.ageuk.org.uk/money-matters/claiming-benefits/means-tested-benefits/
"You will be treated as having ‘assumed income’ of £1 for every £500 (or part of £500) of capital you have above £10,000. If you have a partner, you will be assessed as a couple and the first £10,000 of your joint capital will be ignored."
"The lower capital limit for Housing Benefit and Council Tax Support is £10,000. If you have capital of up to £10,000 this, and any income you receive from this, are ignored. You will be treated as having assumed income on capital above £10,000 as set out above."
That is to say that the £30,000 over and above £10,000 will be assumed to generate £60 a week in income.
This thread is over a year old so it's probably best not to rely on info posted in it as the rules may have changed. (Sorry, I don't know enough about PC and housing benefit to be able to answer your question - the benefits board might be a better place to post .
http://forums.moneysavingexpert.com/forumdisplay.php?f=139
Aip only apply if you are over 65 when set or when part of a couple when one is over 65 and the other is over 60. It will be on any award letter you have if you qualify. If your are single and not 65 till after April 16, you will not get an AIP as it is be abolished from April this year