State pension and savings

janer1967

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 

poppy123456

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.

calcotti

poppy123456 said:

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

janer1967

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

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.

calcotti

poppy123456 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

woodbine

Back to state pension, it will be added to any private pension for income tax purposes.

poppy123456

calcotti said:

poppy123456 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.

janer1967

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