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Pension Credit: Legal Amount Allowed in bank B4 it affects eligibility

  • Dalglish60
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3 hours 18 minutes ago #314392 by Dalglish60
Hi Mods

Didnt't want to list this in my previous post from yesterday.

Just interested to know what is the most/minimum amount of money that your legally allowed to have in a bank account when in receipt of Guaranteed Pension Credit? Plus how many accessable Tax free ISA are you legally allowed. i.e those you can freely dip into when you want not like the other ones where your locked into 2 yrs or so without access etc...

If it helps, I get the full state pension and PIP enhanced living and standard mobility....I also get a very, very, small ocupational pension.

My pension credit is only small but topped up a bit with the Severe Disability Allowance element..

Thanks
D60

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2 hours 30 minutes ago #314393 by David
Hi Dalglish60

If you have over £10,000 in savings then you start getting deductions from your Pension Credit as per below:-
"Your savings and investments-
If you have £10,000 or less in savings and investments this will not affect your Pension Credit.
If you have more than £10,000, every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.
I am unable to give advice on ISA's.

David

Nothing on this board constitutes legal advice - always consult a professional about specific problems

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