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State pension and savings

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janer1967
janer1967 Community member Posts: 21,964 Disability Gamechanger
Hi all 

After reading recent thread about pensions I have a question I can't seem to get straight answer to probably as I don't understand so any help from you experts be appreciated 

When I reach state pension age I will be in receipt of a work place pension which will include a lump sum payment 

Wil this be classed as savings and impact my eligibility to state pension ? 

I have read up and one answer was state pension is not means tested just based on ni contributions 

Then another site mentioned savings under 10k are not taken into account but anything over will be treated as earning £1 per week for every £500 over 

My question is if I have lump sum from my work pension which will be my only savings will this affect my state pension 

Please keep it simple for me with replies 

Comments

  • poppy123456
    poppy123456 Community member Posts: 57,052 Disability Gamechanger
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    State Pension is not affected by savings/capital. Any savings will affect means tested benefits like pension credit, housing benefit and council tax reduction.
    The lower savings limit for those of pension age is £10,000, anything over this will reduce means tested benefits by £1 for every £500 over £10,000.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
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    State Pension is not affected by savings/capital. Any savings will affect means tested benefits like pension credit, housing benefit and council tax reduction.
    The lower savings limit for those of pension age is £10,000, anything over this will reduce means tested benefits by £1 for every £500 over £10,000.
    Worth adding too that if there is any entitlement to Pension Credit (for which savings will be taken into account as described above) then the savings are completely disregarded for Housing Benefit and Council Tax Reduction
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
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    Thanks @poppy123456 and @calcotti

    I understand now I have another question if you can help 

    My bf is looking at buying a property abroad for a holiday home and eventually for us to move abroad 

    We don't live together now and will be entirely his purchase 

    First question I am on uc pip lcwra am I allowed to go abroad for holidays while claiming 

    I understand for pip you can go for 28 days is that in one visit , can you go for more than one visit per year 

    Eg could I go 4 times a year for a week does the whole number of days  per year have to be less than 28 days or is the limit 28 days for one visit

    Hope you understand what I mean also will this affect uc and if so how 

    I will be over pension age when we go to live abroad so won't be claiming uc or other benefits apart from pip which I know will end 8f I live abroad 
  • poppy123456
    poppy123456 Community member Posts: 57,052 Disability Gamechanger
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    When claiming UC you can go on holiday for up to 28 days at any one time. So if you wanted to go for 1 week a few times a year then that would be fine.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
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    When claiming UC you can go on holiday for up to 28 days at any one time. So if you wanted to go for 1 week a few times a year then that would be fine.
    For UC it's one month. I can't remember the rules about days entering and leaving the UK but I think they both count as days in GB. I think you can do multiple trips not exceeding one month and still meet the rules but you do need to be spending most of your time in the GB.

    For PIP you can be away for up to thirteen weeks
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
  • woodbine
    woodbine Community member Posts: 12,107 Disability Gamechanger
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    Back to state pension, it will be added to any private pension for income tax purposes.

    2024 Election won

  • poppy123456
    poppy123456 Community member Posts: 57,052 Disability Gamechanger
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    calcotti said:
    When claiming UC you can go on holiday for up to 28 days at any one time. So if you wanted to go for 1 week a few times a year then that would be fine.
    For UC it's one month. I can't remember the rules about days entering and leaving the UK but I think they both count as days in GB. I think you can do multiple trips not exceeding one month and still meet the rules but you do need to be spending most of your time in the GB.

    For PIP you can be away for up to thirteen weeks
    Exactly. I said a week multiple times to be on the safe side especially when claiming UC. Holiday and claiming benefits has always been a rather grey area.

    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
  • janer1967
    janer1967 Community member Posts: 21,964 Disability Gamechanger
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    Thanks everyone 

    We will probably go for a week at a time and maybe 2 weeks in summer but will definitely be in UK more my bf only gets 5 weeks holiday a year anyway 


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