Occupational pension deducted from pension credit

HRLady44

I have a small occupational pension of around £28 a week, paid monthly. This is deducted from pension credit. Do I include this as savings, as it is already deducted at source? 

Brie

I don't understand quite what you are talking about.

Any occupational pensions paid would be income, not savings.

HRLady44

Sorry for the confusion. When I am calculating savings to report to DWP,  do I include the amount paid by the occupational pension, as it has already  been deducted as income from the pension credit?  If effect would this be double counted? It is so confusing 

Spoonie_Turtle

HRLady44 said:

Sorry for the confusion. When I am calculating savings to report to DWP,  do I include the amount paid by the occupational pension, as it has already  been deducted as income from the pension credit?  If effect would this be double counted? It is so confusing 

Depends if you've saved it up or spent it.

It is income in the monthly period you receive it.  (Montly period meaning the month that runs between each of the occupational pension payments.)
If it remains unspent by the end of the next monthly period, it becomes savings.

xxxxxxxx

Are you asking when you look at your bank balance ... how much do you report to Pension Credit as current savings? 

The answer to this question is... you subtract from the bank balance current income and other benefits being paid. 

so you have £20,000 balance 
£121.33 for private pension that month (if it is paid monthly). 
£400 for Personal Independance Payment PIP paid every 4 weeks.
£800 for State Pension (if it is paid '4 weekly' the '4 weekly' amount, if it is paid £200 a week then use the weekly amount)

So your reportable savings total is £20,000 - 121.33 - 400 - 800 = £18,678.67 

You have to use the paid amount only once , i.e. if you have weekly payments of £200 State Pension you have to only subtract £200 from the balance.  But if state pension is paid every 4 weeks at £800 then you subtract £800

You should also ask Pension Credit if they want your Occupational Pension Gross figure or Net figure to be declared as income.

HRLady44

Thank you . That’s what I thought as it would be double counted otherwise. It’s so confusing and worrying, if I make a mistake