Pension Credit - Savings issue -

Robbie64

Rubyroobs said:

He rings the pension credit claim line or completed an online Pension credit claim via the Gov.uk site. I don't think they will do it anonymously though as they need to check his state pension etc. 
You can ring somewhere like CAB or Age Uk who will do a benefit check but they only use the same calculator as the Age Uk one available to you one online.

I think by "confirm the situation anonymously", the poster means to check about the money that was previously gifted and not to check whether the person would qualify for Pension Credit based on current circumstances (income and savings currently held).

[Deleted User]

Thanks again for all the comments .

Robbie64

[Deleted User] said:

Thanks again for all the comments when declaring the savings would you go on what is currently in the bank account or what will be there in possibly a couple of weeks when the compensation lands.

Will try and get a confirmation from pension credit line tommorow .

You can only decalre what is actually in the bank as you will have to provide an up to date bank statement / copy of the savings book entry. However, once the compensation lands that will then be a change of circumstances that will also need to be declared. Given how long Pension Credit claims are taking at present to be dealt with, it's possible that the person will need to make multiple updates if the savings go up or down to affect how much Pension Credit can be paid. For every £500 or part of £500 a person has above £10,0000 this generates deemed income of £1.00 per week.

[Deleted User]

Robbie64 said:

[Deleted User] said:

Thanks again for all the comments when declaring the savings would you go on what is currently in the bank account or what will be there in possibly a couple of weeks when the compensation lands.

Will try and get a confirmation from pension credit line tommorow .

You can only decalre what is actually in the bank as you will have to provide an up to date bank statement / copy of the savings book entry. However, once the compensation lands that will then be a change of circumstances that will also need to be declared. Given how long Pension Credit claims are taking at present to be dealt with, it's possible that the person will need to make multiple updates if the savings go up or down to affect how much Pension Credit can be paid. For every £500 or part of £500 a person has above £10,0000 this generates deemed income of £1.00 per week.

Thanks so can the the Application be updated after it has been submitted ?

Robbie64

I'm sure the DWP will have some way of linking various pices of correspondence together until a claim is live and in payment. But if circumstances change considerably after submitting a new claim then the DWP will have to be informed as otherwise the wrong amount of benefit / arrears will be calculated.

[Deleted User]

just an update

 

HillStreetBlues

As he was already over the lower limit (£17k) then the whole £11k attracts the deduction of £1 per £500 (or part of)
 £11k leads to a deduction of £22 so needs to be currently getting PC of over £22pw for it to continue if the current award is correct.

[Deleted User]

Hi the current award HillStreetBlues said:

As he was already over the lower limit (£17k) then the whole £11k attracts the deduction of £1 per £500 (or part of)
 £11k leads to a deduction of £22 so needs to be currently getting PC of over £22pw for it to continue if the current award is correct.

Hi the current award is £13.76 ... not great at the maths so does this mean the compensation will invalidate the pension credit ?

HillStreetBlues

[Deleted User] said:

Hi the current award HillStreetBlues said:

As he was already over the lower limit (£17k) then the whole £11k attracts the deduction of £1 per £500 (or part of)
 £11k leads to a deduction of £22 so needs to be currently getting PC of over £22pw for it to continue if the current award is correct.

Hi the current award is £13.76 ... not great at the maths so does this mean the compensation will invalidate the pension credit ?

Yes if the current award is correct. He would have to reduce capital by £4,500  as the would give a deduction of £13  so leaving 76p PC.

Spoonie_Turtle

Does anyone know what kinds of capital can be disregarded for PC?

Obviously if OP's neighbour ends up not entitled to PC then fair enough, but it would be good to make sure that's based on full information including whether the compensation payment is taken into account or is of a type that can be disregarded.