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Pension Credit

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kloofnek | 08:59 Sat 16th Feb 2013 | Personal Finance
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Someone has asked me to put this question to you.
He is semi-retired and gets a small state pension of £254.56 every 4 weeks and a small occupational one of £118.33 calender month.When he does retire those two will amount to about £93.00 wkly. (present rate).
Would he be eligible for pension credit.
Also,he is paying tax on his occupation pension(taken out before he receives),when he retires completely,would he still have to pay ?
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EDDIE51
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Pension credit is around £150 a week, if he had no income he would get the full amount. But as he has already got £93 a week he gets £150 minus the £93 so he gets £57 a week pension credit. His total income is still the same it is just made up of occupational pension £93 plus £57 pension credit= £150. As I said if he had never had his own pension his income would be...
09:34 Sat 16th Feb 2013
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Avatar Image chrissa1
Thanks very much PP. I'll check in April.
20:33 Sat 16th Feb 2013
Avatar Image EDDIE51
Just a final thought . I think the qualifying for Pension credit is going to get more strict after April (new tax year) , so best to apply now . Once you have it they can not take it back , but if he applies after April he may get less .
20:40 Sat 16th Feb 2013
Avatar Image woolleysheep
depends on savings ,if under £ 16,000 you may qualify but over 16k you get a deduction on the pension credit that you qualify for.
16:57 Mon 11th Mar 2013

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