Pension credit application - what is savings

Auti

hello, when the savings amount is filled in is it literally everything in bank account. I ask as UC did not count the months income until the next month as you used it during the month it was received - I cannot find what Pension credit does.

This is causing confusion over what to put and I don’t want to get into trouble.

Thank you

HillStreetBlues

At the end of the AP you declare capital, any income needs to be deducted from monies held. It's not up to DWP staff to do this.

sheramber

https://forums.moneysavingexpert.com/discussion/6669188/pension-credit-application-what-is-savings

https://www.gov.uk/pension-credit/change-of-circumstances

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whizzywoo

When I calculated my Capital for PC I added up our bank account balances, then I subtracted from that the benefits and income received in that month. The resulting total was my Capital for PC. The PC people don't do it for you.

Make a list or spread sheet detailing each a ccount or Premium Bonds, cash or whatever, the date, the amount in each category. Then list the benefits and other income that counts (not PIP/DLA/AA) but Industrial Injuries do count, so does your state pension and private pension (if any) for that month. The difference is your capital.

EDIT:

MY ABOVE CALCULATION IS INCORRECT - SEE NEW POST BELOW

Auti

thank you everyone and @whizzywoo thank you for a clear explanation of what to do.

Spoonie_Turtle

https://forums.moneysavingexpert.com/discussion/comment/82006228#Comment_82006228

Then list the benefits and other income that counts (not PIP/DLA/AA) but Industrial Injuries do count, so does your state pension and private pension (if any) for that month. The difference is your capital.

If you've not listed disability benefits in the income - which, if it's like UC then a payment is income for the period in which it's paid, just disregarded in the PC calculation - then doesn't that calculation lump it in with capital and potentially results in too high a deduction?

Although unless you're anywhere near the £10,000 threshold it would be an irrelevant technicality in practice.

whizzywoo

https://forums.moneysavingexpert.com/discussion/comment/82006471#Comment_82006471

Yes @Spoonie_Turtle you are correct. I've got myself confused thinking that because those benefits don't count as income for PC you don't bring them into the calculation.

But they have been received in that month and so need to be deducted from total Capital.

@Auti my method of calculation above is incorrect and will result in a Capital figure which is too high.

Auti

thank you everyone - much appreciated

whizzywoo

EDITED VERSION OF MY POST ABOVE RE CALCULATING CAPITAL AMOUNT:

When I calculated my Capital for PC I added up our bank account balances, then I subtracted from that the benefits and income received in that month. The resulting total was my Capital for PC. The PC people don't do it for you.

Make a list or spread sheet detailing each a ccount or Premium Bonds, cash or whatever, the date, the amount in each category. Then list the benefits and other income that you have received for that month. The difference is your capital.

Sorry for any confusion folks.