Pension & Savings

Bigfoot6000

A person I know to a degree who is on basic state pension has just been found to have to much money in savings. But without his knowledge he has found out now he has to pay rent and rates, can I assume to tell him that until he reduces his savings to the thresh-hold he will not get his rent paid and how is he suppose to bring his savings down if he doesn't spend any money hardly as now his basic state pension will just go towards his rent. Is there anything he can do as regards spending it to bring him inline with being entitled to rent and rates. Just to add he has not done this on purpose he was truly unaware that he did not have to declare a ISA

xylophone

who is on basic state pension

Only BSP? Was he also receiving Guarantee Pension Credit?

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs48_pension_credit_fcs.pdf

Presumably if he has to pay rent and rates which the pension only partially covers, he will be using up capital to pay other bills and food etc?

Alice_Holt

There is no threshold re the basic state pension. It is not means tested, unlike Pension Credit.

Can you get your friend to post his exact circumstances on here, we can then advise him directly.
Your post appears to be rather a garbled interpretation of his situation.

If it was PC, there is no absolute savings limit but above £10k a tariff income is applied.

He needs to be aware of deprivation of capital re any proposed spending.