Pension Credit And Savings

[margobo]

Please could someone tell me the current savings allowed before applying for Pension Credit?Also does the level of benefit vary according to amount saved.
Thanks

[Buenchico]

If your savings are below £10,000 your Pension Credit isn't affected.

If your savings are over £10,000 then the system assumes that each £500 (or part thereof) will generate £1 of income per week - although where anyone is expected to find an investment paying 10.4% p.a. in interest is beyond me!

For example, if you've got £13,200 in savings then the system sees that you've got 7 lots of £500 above the £10,000 limit (because the last £200 gets counted as a full £500), meaning that it's assumed that you get £7 a week in income from your savings (and thus reducing the Pension Credit top-up to your income by that amount).

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

[margobo]

Thank you Buenchico thats sounds good for me. I will get on the phone this afternoon.