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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
Help needed regarding benifit pension payback !
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<blockquote data-quote="Goweresque" data-source="post: 5959668" data-attributes="member: 818"><p>The pension credit savings limit is £10k, and the limit for some other benefits (such as housing benefit and council tax benefit) is £16k. Once you have over £10k in savings you are deemed to have £1/week in income for every £500 you have above £10k, and this will (or should) reduce your pension benefit payment by the same amount. There is no upper savings limit for pension credit, but eventually the amount of income they assume you have from the savings will mean you don't get any pension credit at all. However the other two benefits cut off entirely above £16k - if you have that amount you are supposed to live on your capital for a while then when you've fallen back below 10k make another benefit claim.</p><p></p><p>Many years ago my Mother used to help an old guy in a very similar situation, his living costs were so few his pension built up slowly to approach the savings limits. What many people do when they approaching the limits is go out and buy a whole new load of white goods to get their savings down, as they are allowable purchases - you can't just give the money away, it has to be spent on your living expenses.</p><p></p><p><a href="https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/how-your-benefits-are-means-tested/" target="_blank">https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/how-your-benefits-are-means-tested/</a></p><p></p><p>So they can claim on his estate (not you personally, its nothing to do with you) for any over payments - claimants are supposed to tell them if their savings breach the limits. If you have the bank account statement you'll be able to work out when he breached the various limits and which of his benefits should have been reduced at that time.</p></blockquote><p></p>
[QUOTE="Goweresque, post: 5959668, member: 818"] The pension credit savings limit is £10k, and the limit for some other benefits (such as housing benefit and council tax benefit) is £16k. Once you have over £10k in savings you are deemed to have £1/week in income for every £500 you have above £10k, and this will (or should) reduce your pension benefit payment by the same amount. There is no upper savings limit for pension credit, but eventually the amount of income they assume you have from the savings will mean you don't get any pension credit at all. However the other two benefits cut off entirely above £16k - if you have that amount you are supposed to live on your capital for a while then when you've fallen back below 10k make another benefit claim. Many years ago my Mother used to help an old guy in a very similar situation, his living costs were so few his pension built up slowly to approach the savings limits. What many people do when they approaching the limits is go out and buy a whole new load of white goods to get their savings down, as they are allowable purchases - you can't just give the money away, it has to be spent on your living expenses. [URL]https://www.ageuk.org.uk/information-advice/money-legal/benefits-entitlements/how-your-benefits-are-means-tested/[/URL] So they can claim on his estate (not you personally, its nothing to do with you) for any over payments - claimants are supposed to tell them if their savings breach the limits. If you have the bank account statement you'll be able to work out when he breached the various limits and which of his benefits should have been reduced at that time. [/QUOTE]
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Help needed regarding benifit pension payback !
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