Pension credit guaranteed

Mewend

Hi, I received PC guaranteed,I live with my husband who is my full time career . We are getting a £30.000 legacy what do I have to do about this? Can anyone help please.
thank you .

poppy12345

Mewend said:

Hi, I received PC guaranteed,I live with my husband who is my full time career . We are getting a £30.000 legacy what do I have to do about this? Can anyone help please.
thank you .

Once the money goes into your bank you'll need to report the changes. For every £500 over £10,000 there's a £1 reduction in your pension credit. https://www.gov.uk/pension-credit/eligibility

xylophone

Once the money goes into your bank you'll need to report the changes. 

Unless there is an assessed income period?
https://www.entitledto.co.uk/help/assessed-income-period

calcotti

xylophone said:

Once the money goes into your bank you'll need to report the changes. 

Unless there is an assessed income period?
https://www.entitledto.co.uk/help/assessed-income-period

If OP is unsure whether this applies the prudent thing to do, in my opinion, is report the capital and let DWP decide whether or not it is relevant.

Mewend

yes I have an AiP which doesn’t end for another 3 years. When I receive this money and inform DWP will I have to go on Pension savings credit or will I still be able to stay on guaranteed credit when they take money from me over £10.000?

Thank you all for your advise. New to the MSE Forum?

xylophone

According to the link in previous
If you are over the age of 65 you may have been given a Pension Credit award that lasts for 5 years or longer. This is known as the assessed income period (AIP). During this period annual adjustments will be made automatically for increases in your state and private pensions and you do not need to report most changes in income, such as increases in your savings, private pensions or income from annuities.
And see (from seventeen years ago.....)
http://news.bbc.co.uk/1/hi/business/3065459.stm#:~:text=However, it can be very,for up to five years.

A pensioner who wins the lottery or inherits an unexpected fortune could continue to claim the government's new flagship benefit.

Under the Pension Credit rules, most pensioners could receive an unexpected inheritance or pocket a lottery win without it affecting their Pension Credit payments for up to five years.

They will not lose their credit or be required to repay the money back, because they could not have predicted their good fortune when they originally claimed the credit.

As most pensioners will have their claims reassessed every five years, any increase in savings or investments for these pensioners will not affect payments during that time.

https://www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-and-benefits/pension-credit-aj4ck5n7vl9q

As Calcotti says, check if unsure.

anmarj

There are no Aip’s in place unless it was a never ending one set prior to them ending in April 2016. 😊

https://www.entitledto.co.uk/help/assessed-income-period

xylophone

There are no Aip’s in place unless it was a never ending one set prior to them ending in April 2016. 

According to the ET link
 If your Assessed Income Period is due to end after 1 April 2019 it will actually end sooner, you will receive a letter giving you 6 months notice of the new end date.

The OP states 

I have an AiP which doesn’t end for another 3 years. 

No such letter received? Or not delivered? Or not read?

anmarj

Or reading an old letter 😉.

https://www.gov.uk/government/publications/pension-credit/pension-credit-extra-information#assessed-income-periods-aips

If you read that, it tells you any AIP due to end after April19, it will be ended before 28 March 2019 and not been renewed. It then goes into the  normal review of all changes being reported. 

xylophone

Thanks - yes, I had seen your link but taken in conjunction with ET there seems to be some ambiguity?
Does "it will be ended before 28 Mar 2019"  simply mean that the recipient will  receive a letter of notification of the ending of the benefit and ( from what is said in ET)  be given six months' notice of the revised AIP date ( which might not be exactly six months after the date of the letter)?

You may be perfectly correct in saying that the OP was reading an old letter but it seems rather odd that the raising of the matter in the forum should not have jogged her memory that she had been told the AIP had been rescinded?

calcotti

I stand by my earlier advice that if OP is unsure whether this applies the prudent thing to do, in my opinion, is report the capital and let DWP decide whether or not it is relevant.