Windfall whilst on pension credits and attendance allowance

LizziC84

Is there a limit on your savings If you are in receipt of pension credits and attendance allowance? I would like to gift a family member with some money but they are concerned it will affect these benefits. They do not receive any other type of benefit. 

Alice_Holt

Attendance Allowance -  no impact.



Pension Credit -  possible impact.

Savings over £10k are subject to a tariff income calculation.

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs48_pension_credit_fcs.pdf
P.15 - Working out your capital.

A gift will be disregarded as income. (P.14). 

Robbie64

^

would that not depend on whether the person has been set an assessed income period? New or recent Pension Credit claims don't have an AIP set but previously this used to happen on some claims. If there is an AIP then any changes to capital / savings won't affect Pension Credit while the AIP is current.

bengal-stripe

Robbie64 said:

^

would that not depend on whether the person has been set an assessed income period?

Assessed Income Periods have been abolished and no new AIP were issued after April 2016. AIPs lasted for 5 years and had to be renewed until you had reached the age of 75, then an Indefinite AIP was issued. Indefinite AIPs were not cancelled, but you must have held them prior to 2016, other AIPs were not renewed or cancelled prematurely. 

If the person in question is over 80 1/2 years of age today, s/he might be holding an Indefinite AIP. Nobody younger will have an AIP anymore.