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Whats the savings limit for claiming pension credit
ohreally
Posts: 7,525 Forumite
As title, I 've had a quick look but all I find is over 16K reduces amount of housing benefit etc, not really what I'm looking for.
Don’t be a can’t, be a can.
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Comments
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The normal limit for working age claimants for Housing Benefit is savings over £16,000 mean that someone cannot claim Housing Benefit, for savings between £6,000 and £16,000 a deduction of £1 per £250 applies. For pension age claimants the £16,000 limit remains but the rate of deduction for is £1 per £500 between £10,000 and £16,000.
There is no savings limit for guarantee Pension Credit. Savings below £10,000 are ignored. For savings over £10,000 there is a deduction of £1/week for every £500.
If you qualify for guarantee Savings Credit then the normal savings limit for Housing Benefit does not apply and you can claim Housing Benefit (the deduction rate for savings over £10,000 still applies).Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0 -
https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/pension-credit/
"There isn’t a savings limit for Pension Credit, but if you have over £10,000 this will affect how much you receive."Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.0 -
Would it be a waste of time if the individual had more than 100k in savings?
Not me BTWDon’t be a can’t, be a can.0 -
Would it be a waste of time if the individual had more than 100k in savings?
Not me BTW
£100,000 would give rise to a weekly deduction of £180/week which would mean that there is no Pension Credit entitlement even if, for some reason, there is no pension in payment. So a claim would not be possible.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0 -
Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.0
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Alice_Holt wrote: »
I don't have all the info required to complete the calculator and I'm not having the required conversation over the phone with this individual.Don’t be a can’t, be a can.0 -
Read
https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs48_pension_credit_fcs.pdf
which gives a comprehensive explanation.0
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