Pension Credit-How much savings are you allowed?

[trt]

I think at the moment its about �6,000 but in the last budget it said it was going to let people on Pension Credit have �10,000, anybody know when this starts? Thanks.

[hc4361]

November.
the pension credit limit would be raised from the existing level of �6,000 to �10,000 from November this year
http://www.citywire.co.uk/adviser/-/news/advis er-news/content.aspx?ID=337754&re=5303&ea=1568 96

[trt]

Thanks so much hc4361, would that apply if you were only on state pension as well, or can you have more?

[themas]

I think from the heading of your post you want to know what the maximum amount of savings is. The �6000 - going up to �10000 - is the amount at which you start getting a reduction in your pension credit. What it means is that if your savings are more than �6000 you are treated as getting �1 per week income from every �500 (or part) of extra savings. So if you had �7400 you would be assumed to get �3 per week. This amount is deducted from your entitlement (which is worked out under the other rules that apply). There is not a fixed upper limit.