Pension Credit,notional income updates

mrsdoyle

How often do I need to inform DWP that my untouched pension pot has increased in value since my award of PC 9 months ago.According to the GAD tables and 15 year gilt price,I should be paying  £3.00 a week more in notional income.As the pension value varies so much on a daily basis,how often do I need to inform them ?

Yamor

DWP only expect the pension pot value to be updated where one of the following apply:
1. you have made a drawdown of capital
2. you have made a drawdown of income in excess of the notional income currently being used
3. you request for it to be revalued

As such, there is no reason for the notional income to be revised when the pension value changes.
Similarly, the notional income amount would change on your birthday, but again there is no requirement for it to be updated.

However, you can request for it to be updated, so if the change would be in your favour, you should do so.

mrsdoyle

Yamor said:

DWP only expect the pension pot value to be updated where one of the following apply:
1. you have made a drawdown of capital
2. you have made a drawdown of income in excess of the notional income currently being used
3. you request for it to be revalued

As such, there is no reason for the notional income to be revised when the pension value changes.
Similarly, the notional income amount would change on your birthday, but again there is no requirement for it to be updated.

However, you can request for it to be updated, so if the change would be in your favour, you should do so.

Thank you for your reply.I can relax now !.I'm always wary of contacting DWP as it took 4 months to sort out my initial pension credit claim,waiting for 1 1/2 Hrs. on phone and getting different answers from different people !!