pensioners saving

sewyjan

Hi

Can anyone tell me how much a pensioner can have in the bank or building society before the government stops their benefits please? Thanks - in advance. :T

missbiggles1

sewyjan wrote: »

Hi

Can anyone tell me how much a pensioner can have in the bank or building society before the government stops their benefits please? Thanks - in advance. :T

Which benefits are you talking about?

Linton

It depends which benefits you are talking about. Here is some info on some of them.

polymaff

Google benefits savings cap

sewyjan

Hi
Sorry, I couldn't see the benefits bit. Am I being dumb here?

McKneff

If you click on where it says 'Here' it turns blue and takes you there

sewyjan

My Dad has a load of money and I think he should put it in the bank because it is safer that way but he is saying that if he puts it in the bank then he will lose his pension credit guarantee and he will have to pay tax, is that correct?

sewyjan

Hi

Thanks for that. Much appreciated.

polymaff

sewyjan wrote: »

My Dad has a load of money and I think he should put it in the bank because it is safer that way but he is saying that if he puts it in the bank then he will lose his pension credit guarantee and he will have to pay tax, is that correct?

When your father applied for PC I wonder what his reply was to the question regarding his "Cash saved for something, even if you keep it at home"?

xylophone

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

"Your capital will not affect your PC unless you have more than £10,000.
Every £500 or part of £500 of capital over £10,000 is assumed to give you a weekly income of £1 a week. This is called ‘deemed income’. For example, if you have savings of £12,200, a weekly deemed income of £5 is included in your income assessment."

polymaff

polymaff wrote: »

sewyjan wrote: »

My Dad has a load of money and I think he should put it in the bank because it is safer that way but he is saying that if he puts it in the bank then he will lose his pension credit guarantee and he will have to pay tax, is that correct?

When your father applied for PC I wonder what his reply was to the question regarding his "Cash saved for something, even if you keep it at home"?

Who'd have thought that the above might bring the thread to a sudden stop.