Which figure to use as prompt to call in to DWP re. change in circumstance / capital?

cantthinkofname

For a pensioner receiving PC, which figure should be used as a prompt over £10000 (or £500 increments thereafter) to report a change in circumstance / capital / savings to DWP?

1. Just your combined totals in bank account(s), investments & shares etc.

2. As above 1, but less the monthly regular SP / PC payment?

3. As above 2, but less Cost of Living payments, energy rebates, pensioner CoL (paid with WFP)?

If above 3 - is the first CoL payment of £326 paid in August disregarded until July 2023?  Likewise, the second CoL payment of £324 paid this month needs to be disregarded 360 odd days from a few days ago?

Would be interested to hear from those on PC and in similar positions - that is capital over 10k.  When do you call?

poppy12345

All COL payments are disregarded from savings. Any unspent income that isn't spent for the period it's for becomes savings after this period.

All your bank accounts, savings, money at home, investments, shares, capital etc etc all count towards your total savings/capital.

JIL

Just as poppy says.

peteuk

Think about it logical, if i have a savings account with no balance, putting the COL payment in and nothing else I can safely say in a years time that that’s the COL payment.  Putting it in to an account that has money flowing in and out, you’d find it hard to say what’s the COL payment a year later.

I would say once you get to the £10000 point contact them and then ask them about the next steps.  It’s a pain but would you rather contact them or have them contact you with an overpayment letter?

poppy12345

peteuk said:

Think about it logical, if i have a savings account with no balance, putting the COL payment in and nothing else I can safely say in a years time that that’s the COL payment.  Putting it in to an account that has money flowing in and out, you’d find it hard to say what’s the COL payment a year later.

They may have many different bank accounts, we don't know that.

peteuk said:

I would say once you get to the £10000 point contact them and then ask them about the next steps.  It’s a pain but would you rather contact them or have them contact you with an overpayment letter?

I disagree sorry. When you ring any DWP department you're speaking to someone from a call centre who have very little knowledge of the benefits system and should be the last place to ring for such advice.