Pension Credit

neversaydie_2

Could anyone kindly help? - I want to apply for Pension Credit. I have been out of work for 3 months and am over 60. However I have an income of £500 gross per month from some Buy-to-Lets - but I do not know if I am in profit until the accountant has done the books until after the end of the Financial Year. If it is a loss then the year's income is used to reduce the loss. Eg 2205/2006 and 2006/2007 were both a loss and probably 2007/2008 as well.
Will the fact that I have the income at each month stop me from having Pension Credit?
Also, will the fact that I have the houses stop me from getting Pension Credit? The net worth, at today's market prices, is about £15000.00.
Thank you.

dunstonh

Will the fact that I have the income at each month stop me from having Pension Credit?

Rental income is included as income for pension credit purposes. I believe the properties are also included as investments so you would lose out there was well.

EdInvestor

Have a look here:

www.entitledto.com

You might be eligible for a teeny pension credit top up, and also free council tax plus housing benefit, if appropriate if you are renting.

[Do you really mean the houses are worth only 15k? Or is that a typo for 150k?If the latter then unlikely to be eligible.]

bengal-stripe

You're entitled to Pensions Credit if your income is below
£119.05 a week if you are single
£181.70 a week if you have a partner

Apart from the rental income, do you get any other benefits (Unemployment Benefit)? That will be taken into account.

By all means, apply and let the DWP work out if you are entitled. I doubt it, with your portfolio of properties, (which must be worth more than 15k) you will have more then the £16,000 allowed.

http://www.thepensionservice.gov.uk/pensioncredit/