How much savings you are allowed before it affects the benefits

nannytone_2

the lower cap of 6k is the amount when means tested benefits start to be affecyed.
by the time the higher cap (16k) is reached, there will be NO entitlement to ANY means tested benefit.
the DWP have to be informed !!! soon as capotal reaches 6k

dodger1

nannytone wrote: »

the lower cap of 6k is the amount when means tested benefits start to be affecyed.
by the time the higher cap (16k) is reached, there will be NO entitlement to ANY means tested benefit.
the DWP have to be informed !!! soon as capotal reaches 6k

Pension Guarantee Credit is means tested and is affected by savings above £10,000 and you can have considerably more than £16,000 in savings before all the benefit is lost. You only lose £1 for each £500 above the £10,000 limit.

nannytone_2

i was answering the poster who said that they knew about the 16k limit, but were unsure about the lower cap of 6k, so i presumed they werent a pensioner

dodger1

nannytone wrote: »

i was answering the poster who said that they knew about the 16k limit, but were unsure about the lower cap of 6k, so i presumed they werent a pensioner

You stated "by the time the higher cap (16k) is reached, there will be NO entitlement to ANY means tested benefit." Note the word ANY, that's what I was correcting. Also you do not at the moment need to be a pensioner to receive Pension Guarantee Credit.

jewelly

dodger1 wrote: »

Also you do not at the moment need to be a pensioner to receive Pension Guarantee Credit.

Hi Dodger - can you explain the circumstances where this would apply please? I've never heard of this. The fact that it is called Pension Guarantee Credit would imply it is an add-on to someone already receiving the state pension. I'm confused!

Thanks.

dodger1

jewelly wrote: »

Hi Dodger - can you explain the circumstances where this would apply please? I've never heard of this. The fact that it is called Pension Guarantee Credit would imply it is an add-on to someone already receiving the state pension. I'm confused!

Thanks.

https://www.gov.uk/pension-credit/eligibility

As I said the age limit for Pension Credit is gradually going up to be in line with the state pension age, but is still available. I'm 63 and get it.

Naf

Sorry to jump on a bandwagon, please somebody correct anything I have wrong:
Savings up to 6k - only actual income from this affects benefits
Savings 6-16k - in addition to actual income, an assumed income of £1 per £250 of savings is added for HB; TC still take actual interest.
Savings 16k+ - HB stops altogether; TC still use actual interest earned.

This has been on my mind recently (not that I have any savings to speak of yet - too many credit cards to pay off first.)

nannytone_2

Naf wrote: »

Sorry to jump on a bandwagon, please somebody correct anything I have wrong:
Savings up to 6k - only actual income from this affects benefits
Savings 6-16k - in addition to actual income, an assumed income of £1 per £250 of savings is added for HB; TC still take actual interest.
Savings 16k+ - HB stops altogether; TC still use actual interest earned.

This has been on my mind recently (not that I have any savings to speak of yet - too many credit cards to pay off first.)

thats correct

nannytone_2

dodger1 wrote: »

You stated "by the time the higher cap (16k) is reached, there will be NO entitlement to ANY means tested benefit." Note the word ANY, that's what I was correcting. Also you do not at the moment need to be a pensioner to receive Pension Guarantee Credit.

youre being picky.
why single me out when the poster above me said exactly ( more or less) the same as i did?

if you are going to correct me, then at least do it properly.
if you are a male you do not need to be of pension age, but as a woman ( without a male partner that had reached the womans state pension age) you do. to be able to receive pension credit

dodger1

nannytone wrote: »

youre being picky.
why single me out when the poster above me said exactly ( more or less) the same as i did?

if you are going to correct me, then at least do it properly.
if you are a male you do not need to be of pension age, but as a woman ( without a male partner that had reached the womans state pension age) you do. to be able to receive pension credit

You are correct I should also have corrected the other poster, however I'm not being picky, simply correcting a mistake as you have done in the past. Nothing wrong with that.