State pension and savings
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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
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
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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.
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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.Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
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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 -
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. -
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 PIP you can be away for up to thirteen weeksInformation I post is for England unless otherwise stated. Rules may be different in other parts of UK. -
Back to state pension, it will be added to any private pension for income tax purposes.2024 The year of the general election...the time for change is coming 💡
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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 PIP you can be away for up to thirteen weeks
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. -
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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